Al Rajhi Bank first to offer digital guarantee service in Saudi Arabia

RIYADH: Saudi Arabia’s Al Rajhi Bank will be the first of its kind in the Kingdom to provide a digital guarantee service, through the electronic financial services platform Etimad.

In partnership with the Ministry of Finance’s National Center for Government Resources Systems, the bank’s new service aims to ensure smooth financial operations for beneficiaries, it said in a statement. 

Al Rajhi Bank customers in the corporate sector will be able to issue digital guarantees and easily link them to the beneficiary electronically via the platform. 

The service will entail electronic management of bank guarantees, automatic linkage of them with government competition for issuance, and the automatic cancellation of preliminary guarantees for non-winning competitors. 

The steps come in line with Saudi Vision 2030, in building digital governance, improving work efficiency, and increasing the effectiveness of projects.