ALRAJHI BANK SIGNS AGREEMENT WITH QAWAFEL TO EXPAND DIGITAL FINANCING FOR SMES

ALRAJHI BANK SIGNS AGREEMENT WITH QAWAFEL TO EXPAND DIGITAL FINANCING FOR SMES

alrajhi bank has signed a strategic agreement with Qawafel to provide integrated digital financing solutions tailored for small and medium-sized enterprises (SMEs). This collaboration represents a key step in enhancing innovative financing ecosystems and empowering the business sector in the Kingdom, in line with Saudi Vision 2030 and its focus on the digital economy and entrepreneurship.

The agreement was signed in Riyadh in the presence of Mr. Hussein Bayari, General Manager of Corporate Banking at alrajhi bank, and Mr. Turki Al-Ayad, CEO of Qawafel.

Under this partnership, the two parties will work together to develop an integrated financing ecosystem that enables SMEs to access smart and user-friendly digital financing solutions through Qawafel’s platform, supported by alrajhi bank’s advanced technological infrastructure.

Mr. Hussein Bayari, General Manager of Corporate Banking at alrajhi bank, said: “alrajhi bank continues to reinforce its support for the entrepreneurship ecosystem by building strategic partnerships with national companies. These efforts contribute to the development of advanced digital solutions that drive SME growth and facilitate easier, more efficient access to financing.”

He highlighted the bank’s commitment to expanding strategic partnerships with leading national fintech players as part of its ongoing efforts to accelerate digital transformation in the corporate sector and broaden the range of financing solutions that support the national economy and its financial sustainability objectives. 

He added: “Our partnership with Qawafel will unlock new opportunities to develop innovative embedded financing models and expand the reach of digital services to beneficiaries across the Kingdom.”

For his part, Mr. Turki Al-Ayad, CEO of Qawafel, commented: “This agreement marks a pivotal milestone in Qawafel’s journey to advance the concept of embedded commerce. It enables merchants and suppliers to access smart, integrated financial solutions within our technology ecosystem, in partnership with alrajhi bank, one of the region’s largest and most trusted financial institutions.”

The partnership is expected to expand the availability of digital financing services for SMEs and improve access to funding through modern, technology-driven business models. It will also strengthen integration between the financial and technology sectors, supporting national economic growth and long-term sustainability.

This initiative aligns with alrajhi bank’s harmonize the group strategy, which aims to deliver comprehensive and connected digital financial solutions that meet customer needs and accelerate the Kingdom’s transition toward a digital economy.