- First financial services company to offer instant financing in the Kingdom of Saudi Arabia
- Plans underway to provide Auto Finance, SMEs Finance, and credit card issuance
Emkan, a financial company that provides innovative financial solutions across the Kingdom of Saudi Arabia, has celebrated its first anniversary with the launch of a new digital financing solution for its customers.
The launch of the new E2E digital financing solution, which was unveiled at Emkan’s first birthday celebrations in Riyadh, offers customers instant financing with no paperwork requirements along with preferred repayment plans. The entire journey from the customer creating an account on the Emkan app to obtaining the loan takes from two to four minutes.
Saud Al Ghonaim, CEO and Board member at Emkan Finance Company, said: “One year ago, our team set out on a journey to help customers with their financial requirements, repaying their financial loans and obligations.”
“We knew there was a gap that needed to be filled and have since worked tirelessly to provide innovative financial solutions that fit the needs of all segments of society.”
Despite the banking industry having built extensive capital and liquidity buffers to endure a challenging downturn during COVID-19, the implications of the pandemic were still widespread, according to Emkan. During this period, Emkan has continued to assist customers unserved by banks and operations remained strong and resilient with the company serving over 180,000 clients and issuing the same amount of loans.
Primarily providing personal instant finance services with end-to-end digital experience, the company has plans to further expand and enhance its service portfolio in the coming period. Some offerings that will be added to the company include Auto Finance, SMEs Finance and credit card issuance.
Over the past year, Emkan has worked on building trust and long-term relationships with customers by ensuring transparency and security in every step of the customers’ journey and connecting with trustworthy institutions. The Riyadh-based company, which is a 100% subsidiary of Al Rajhi Bank, has a number of strategic partners including The National Information Center (NIC), Saudi Post, The General Organization for Social Insurance (GOSI) and SIMAH.