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Quara Finance’s onboarding processes are now powered by Azentio’s Kastle™ Universal Lending Solution

SINGAPORE, June XX, 2022 – Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, is happy to announce that Quara Finance, a leading financial institute (FI) in the Kingdom of Saudi Arabia (KSA), has gone live with its Kastle™ Universal Lending Solution (ULS). The solution will collaborate efficiently with the FI’s multiple channels in terms of onboarding new customers and business partners, while providing a seamless, end-to-end experience to digital-savvy clients.

Quara Finance implemented Kastle™ ULS, incorporating advanced technical features for Loan Origination, Management and Collection along with user interfaces and application programming interfaces (APIs) for multi-system integration. Integrations with third party interfaces and payment gateways were successfully completed within the stipulated timeframe despite the pandemic lockdowns. The Azentio Banking Team made use of an industry standard project management tool – the internet-based Issue Tracking Tool SSP (Support Service Portal) – to streamline the implementation process

Kastle™ ULS will help the FI achieve real-time integration with multiple payment gateways that enable customers to make payments through multiple digital channels. It will also ensure that the company follows best practices in accordance with the regional laws, particularly for customer KYC documentation processes. Customer KYC along with address verification will now be executed efficiently to simplify each phase of the onboarding processes.

The expected key benefits with Kastle™ ULS, among others, include quick onboarding of both customers and business partners, reduced TAT for the loan application disbursal process, decreased complexities related to multiple working shifts of the client’s employees, and ensuring there is no business interruption even outside working hours.

Quara Finance also hopes to see an increase in sales volume not only from specific stores but also from multiple vendors and business partners.

XXXXXX XXXXXXXXX, XXXXXX XXXXXXX at Quara Finance, stated: “We selected Azentio’s Kastle™ primarily because it has an excellent track record in serving several reputed FIs in KSA. As expected, the Azentio team completed the implementation well within time and budget.  With the solution’s advanced features, including its user interfaces and integration-friendly APIs, we look forward to being in the forefront of providing the most exciting loan products and services for customers in the kingdom.”

Tony Kinnear, Chief Executive Officer of Azentio, said: “We are excited to get this opportunity to support the esteemed Quara Finance, with our dynamic digital lending solution. With our exceptional track record in the Islamic lending space, we feel we are well equipped to help the company exceed their customers’ expectations and meet strategic growth requirements. At a broader level, we would like to commend the intent and initiatives of Islamic FIs to technologically transform their processes in line with the customer’s growing expectations, and we at Azentio feel proud to be playing a part in this progress.”

About Quara Finance
Quara Finance, headquartered in Riyadh, KSA, provides Sharia-compliant financial services. Founded in 2009, this leading financial services provider offers innovative financing solutions that meet the requirements of both individuals and SMEs. It is also a leading contributor to the growth of KSA’s finance sector through its initiatives in supporting Sharia-compliant banking.

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