American Express Saudi Arabia collaborates with Tarabut to expand access to credit

American Express Saudi Arabia has partnered with Tarabut to introduce a new Open Banking-driven “experience” within its mobile app, with the aim to “transform” the process and accessibility of credit for a broader customer segment.

The new offering provides American Express customers in Saudi Arabia with a quicker way to request credit limit increases that removes the “friction” of manual processes.

The solution uses consent-driven access to financial data to serve previously underserved segments through a “more dynamic” risk assessment.

The segments that have traditionally been underserved by conventional credit assessment models include those individuals who sit outside traditional employment structures, such as the self-employed and non-salaried individuals.

The “first-of-its-kind” initiative is enabled by MENA-based regulated Open Banking platform Tarabut, as well as Saudi Arabia’s “progressive” regulatory environment which supports secure, consent-based access to financial data.

Fahad Al Guthami, chief executive officer of American Express Saudi Arabia, said: “At American Express Saudi Arabia, we are committed to delivering innovative, customer-first financial solutions that expand access and improve the experience for our card members.

“By partnering with Tarabut, we are supporting the Kingdom’s wider goals of financial inclusion while delivering a faster, more seamless, and secure credit journey.”

Abdulla Almoayed, CEO of Tarabut

He added: “This milestone is a testament to our focus on leveraging technology to enhance financial accessibility, and we look forward to expanding our collaboration with Tarabut in the future.”

American Express Saudi Arabia and Tarabut confirmed their commitment to continue to collaborate on Open Banking-powered innovations, with the joint aims to advance financial inclusion, redesign digital journeys and set new benchmarks for customer experience across the Kingdom.

Abdulla Almoayed, founder and chief executive officer of Tarabut, said that, with Saudi Arabia undergoing a major transformation in financial services, Open Banking is “set to play a crucial role in shaping the future of customer experiences”.

“Tarabut has been a trusted financial technology partner in the Kingdom for years, and we are fully prepared to scale new innovations as the market matures,” Almoayed added.

“Our collaboration with American Express Saudi Arabia demonstrates the power of Open Banking to simplify and accelerate financial access, and this is just the beginning of what we plan to achieve together.”

Further reading: Tarabut partners with Geidea to deliver financing for Saudia Arabia’s SMEs