The Industrial Development Fund Wins IDC Award for Excellence

The Saudi Industrial Development Fund won the IDC Excellence Award for the Year 2021, in the category of excellence in digital innovation, for system enabling and implementing on smart devices, in the eleventh edition of the IDC Excellence Awards.

The award included four categories: “Excellence in Digital Creativity, Best Information Technology Manager of the Year, Best Information Security Manager of the Year, and an Award for the Women in the Technology Sector and business.”

This came during a ceremony held via video communication, with the participation of a number of nominees for the award.

The Fund’s winning of the award comes as a culmination of its sustainable efforts in developing the Tamkeen system, within the digital transformation journey, coinciding with the pace of growth of the Saudi industrial sector.

Work has been launched on migrating data over forty years old, to a unified digital platform, to provide the optimal financing needed for industries, in the Kingdom.

Automation of all the following processes for the beneficiary: “Automating payment processes with the inline self-approval process, transferring the bank file, and automating the electronic contract system in integration with the Absher service, in order to add automation and high security.

In addition to the application of smart devices that includes more than forty services, in addition to full automation, the documentary letter of credit process and linkage with commercial banks, and the full automation of the issuance of bonds, registration and release of mortgages electronically with the Ministry of Justice.”

The fund was able to implement automation plans in less than two years, exceeding expectations in the estimated duration of implementation (ie, from three to five years).

The Industrial Fund’s journey towards digital transformation contributed to a 38% increase in the number of approved loans and an increase in the absorptive capacity, for processing and studying loans to 3 times, in addition to reducing the duration of procedures for obtaining loans by 53%, from 11 months to only 5 months, according to international standards.

The IDC Award for Excellence aims to shed light on the achievements, initiatives and people who have positive impact on their organizations, in particular, and the technology sector in general.

The IDC Award is one of the oldest and most impartial international awards, where the works are judged and the results are announced by a jury of leaders, in the governmental, military and private sectors, from several countries around the world.