Tourism is one of the main pillars of Saudi economic reforms. Saudi Arabia’s Tourism Development Fund (TDF) provides tailored financing solutions for investors in the tourism sector with attractive financing rates. The new service provides investors and businesses in the tourism sector with rapid access to financing solutions from TDF, also it offers corporate lending and treasury investment products with seamless digital onboarding and origination. The new digital service makes it faster and easier for local and international tourism investors to access financing solutions for tourism development projects
The solution is powered by Temenos Digital Platform and Temenos Core Banking on the Oracle Cloud data center in Saudi Arabia. With Temenos’ ready-to-go features, modern microservices architecture, and a low-code environment, TDF benefits from speed, agility, and rapid time-to-market. Leveraging the pre-built country-specific functions and integration of Temenos Digital Platform helped the Fund to shorten implementation timelines.
“With Temenos, we have been able to build a greenfield digital service to serve our investors in record time. The first phase of the project was live within 60 days, and funding is already beginning to flow to tourism projects across the Kingdom. The Tourism Development Fund has a vital role to play in driving the growth of KSA’s tourism sector and in the diversification of our economy. Therefore, it was essential to have a technology partner that shared our vision and ambition. Temenos was the obvious choice. It is the global leader in banking technology with an agile platform and deep expertise that enables us to build rapidly and scale.”Qusai Al Fakhri, CEO, Tourism Development Fund
“Temenos has an unmatched reputation in digital banking with many successful projects with financial institutions and lenders in the region. This deep experience and expertise was key to the rapid go live with TDF. With Temenos, we have streamlined access to funding that will advance important tourism projects. Over time, we plan to leverage the rich out-of-the-box banking functionality of the Temenos digital banking platform to continue to enhance the service and customer experience.”Yasser Alkhathlan, Executive Director – Business Technology, Tourism Development Fund