Abdul Latif Jameel Finance enters open banking partnership with Lean Technologies

By Delisha Fernandes

Abdul Latif Jameel United Finance has signed a Memorandum of Understanding (MoU) with one of the leading Open Banking aggregator provider Lean Technologies to integrate Open Banking technologies and services into its financial offerings.

New Open Banking technologies will be an added value to Abdul Latif Jameel Finance’s products offered to both individuals and SMEs. The integration of Open Banking technologies reflects Abdul Latif Jameel Finance’s commitment to continuously enhancing the customer experience while introducing new and innovative technologies to its existing products and services.

Khalid D. Al Karimy, CEO, Abdul Latif Jameel Finance said, “The adoption of Open Banking technology falls in line with Abdul Latif Jameel Finance’s strategy to continuously digitize its offering, whilst enhancing our customer’s experience. At the same time, it further affirms our commitment to supporting Vision 2030 and the Kingdom’s digital transformation efforts, which is in line with its plans to become an innovative fintech hub.”

Open Banking technologies will further enhance the customer experience by providing Abdul Latif Jameel Finance with direct and secure access to their customers’ bank data and information, such as bank statements and transactions, upon the customers’ consent, rather than requiring customers to obtain these documents themselves. The service cuts out a time-consuming step for customers, while helping streamline the process.

Hisham Al-Falih, CEO, Lean Technologies said, “As part of our mission to enable financial innovation in the Kingdom, Lean Technologies is pleased to partner with Abdul Latif Jameel Finance, one of the largest providers of financing services in Saudi Arabia for individuals and enterprises. Abdul Latif Jameel Finance’s adoption of Open Banking technologies will streamline its customer experience while maintaining the highest levels of security.”