RIYADH -- The Saudi Industrial Development Fund (SIDF) won the IDC Excellence Award 2021, in the category of Excellence in Digital Innovation, during the 11th edition of the IDC Excellence Awards Summit 2021.

The award was received by Vice President of Technology at the SIDF Abdulaziz Al-Ghufaili during a ceremony held virtually with the participation of a number of the nominees for the award.

The Fund’s winning of the award comes as a culmination of its sustainable efforts in developing “Tamkeen" e-system for loan application and follow-up, within its digital transformation journey, coinciding with the growth of the Saudi industrial sector. The SIDF worked on uploading dating to over 40 years to a unified digital platform to provide the financing needed for industries in the Kingdom of Saudi Arabia.

The fund was able to fully implement the automation plans in less than two years, whereas the automation implementation was expected to take from three to five years.

SIDF journey towards digital transformation contributed to increasing the number of approved loans by 38% and the capacity for processing and reviewing loans was tripled. Additionally, duration time to obtain loans has been reduced by 53% to lower from 11 months to 5 months as per international standards. -- SPA