Temenos, a software provider for banking and financial services, declared that the Tourism Development Fund (Saudi Arabia) has gone live with a digital loaning service on Temenos in only 60 days.
This novel service delivers businesses and investors of the tourism sector with swift access to financing solutions from Saudi Arabia’s Tourism Development Fund (TDF). The fund is valued at SAR 15 billion (USD 4 billion) and was reputed to facilitate tourism investments in the private sector. The fund will also advance the tourism sector to create a versatile Saudi economy.
Temenos releases Tourism Development Fund’s digital loan service
Amid the challenges faced by the world owing to the COVID19 pandemic, the new-fangled digital service facilitates a quicker and easier means for international and local tourism investors to benefit from funding solutions for tourism development projects. The digital loaning service presently delivers capital investment products and offers corporate loaning with hassle-free digital initiation.
Temenos Transact Next-Generation Core and cloud-native Temenos Infinity digital banking portal have introduced this solution in Saudi Arabia. The Tourism Development Fund coupled with Temenos’ modern microservices architecture, ready-to-go features, TDF benefits from speed, rapid time-to-market, low-code environment, and agility. The Tourism Development Fund was capable to design and launch progressively owing to the support from its local execution partner, NdcTech. The fund went live within only 60 days from its conception.
The Tourism Development Fund facilitates custom-made funding solutions for tourism sector investors with striking financing rates. The inclusion of Temenos Infinity has aided the Fund to reduce its execution timeline.
The Saudi economy majorly depends on the tourism sector. The country welcomed international tourists and foreign investors after the recession of COVID19 and hopes to emerge with an increased GDP, owing to tourism contributions, by 2030.