Top Investment Platform Integrations for Saudi Arabia

Developing and launching an investment platform in Saudi Arabia is a challenging task. Apart from finding the white-label crowdfunding software provider or a development team, you also need to account for regulatory challenges and find payment, KYC/AML and identity verification partners. 

LenderKit has been working with many clients in Saudi Arabia, UAE and the MENA region including Forus, Blomal, NEOM and BHM Capital. We know first-hand what it takes to build a powerful crowdfunding or investment platform in Saudi Arabia and what integrations you may need to make it work properly. 

In this article, we’ve gathered some of the most common integrations for crowdfunding platforms in Saudi Arabia, what they do and why you may need them.

Elm

Elm offers a wide range of ready-made and highly customizable digital solutions for all types of businesses. Customers can pick from a wide range of packages based on their budget and business requirements. Investment platforms widely use Yakeen, an Elm’s integration for identity verification. 

Yakeen operates with the most actual data that conforms to official records thus allowing platforms to boost the data quality, and reduce the time and effort needed to finalize transactions. All the data is updated by connecting directly to the government databases and disseminated as per approved privacy policies.

Customers can choose one of the four packages offered by Yakeen:

• For companies that require verification on a daily basis
• For companies that require a one-time verification
• For startups and entrepreneurs to verify their transactions, along with many other features
• For banks and financial institutions that support IPOs and need to verify the subscribers’ data and information.

Wathq

Wathq is a digital service that provides beneficiaries with a wide range of data from their reliable sources through API. The Wathq services are widely used by investment platforms for verification purposes.

These are just some examples of data with which verification Wathq can help:

• Commercial registration data, the information is provided based on the Ministry of Commerce and Investment Database
• Details of the commercial registration in Chamber of Commerce
• Validate the person’s delegation on a given commercial registration
• Data of the company’s articles of association
• Data of the national address, the information is provided based on the database of Saudi Post.

Wathq offers four packages to choose from, including a trial free package where the basic functionality is available.

All data is provided from its primary source in collaboration with the platform’s partners in private and government entities, and thus, highly accurate and reliable.

Absher

Absher is a mobile application and online platform of the Ministry of Interior in Saudi Arabia. It provides a wide range of governmental services to residents and citizens in the country.

The most common integration with Absher is the use of One-Time Passwords (OTPs) for national identification number (NIN)/Iqama verification to prevent some forms of identity theft.

Unifonic

Unifonic offers a wide range of services for retail, transportation & logistics, and finance & banking. Investment platforms use Unifonic for two-factor authentication (2FA) by automating OTP delivery across multiple channels. It allows to protect logins, make registration and onboarding a fast and secure experience, and secure customer transactions with OTPs and 2FA.

Unifonic delivers secure OTPs instantly via a preferred channel: SMS, WhatsApp, Voice, Email, or as a Push notification.

Focal

Focal is a financial crime prevention suite powered by AI. Investment platforms mostly integrate its AI-powered AML compliance suite. It confidently screens customers, monitors transactions, and assesses risks with seamless automation and powerful AI.

Investment platforms can deploy the AML suit in no time and:

• Streamline all AML compliance processes for compliance with AML regulations
• Minimize false positives, eliminate human errors, and save the company’s resources
• Keep the business compliant with AML regulations on a global and local level and prevent fines.

The suit allows investment platforms to set up and customize compliance processes by setting custom and flexible customer risk-scoring rules and assessment criteria. Additionally, the platforms can keep their customers’ profiles updated through ongoing AML screening, scan customers against global and local sanctions lists, learn about the potential risks of each customer based on their profile and behavior, and perform efficient transaction screening and monitoring.

HyperPay

HyperPay is a leading provider of integrated payment solutions and financial services. The main goal of the company is to provide businesses with the best payment gateway, payment solutions, and payment services. 

Investment platforms mostly use HyperPay payment solutions. With the ease of integration, advanced security measures, and the support of all major currencies, HyperPay allows platforms to enable the majority of local and global payment options such as a bank card, PayPal, and ApplePay, among others. 

Forus, an industry pioneer among P2P lending providers in KSA whose flexible crowdfunding software was provided by LenderKit, at the time of launch, used the payment processing solution by HyperPay.

Alinma Bank

Alinma Bank offers a comprehensive range of financial services to individuals, businesses, and investment funds and platforms. Treasury, cash management, investments, and payroll management are just some services that the bank provides to businesses. 

ANB (Arab National Bank)

ANB (Arab National Bank) offers a wide range of solutions for businesses from which investment platforms can benefit, too. ABN collaborates with innovative FinTech companies by providing them with open banking and FinTech solutions to offer services to the local and international markets.

The ANB portfolio of solutions for FinTech consists of informational, billing, e-wallet digital payment, P2P lending, microlending, and crowdfunding services, among others.

Creating an investment-based platform for the MENA region with LenderKit

Choosing the necessary integrations, contacting the third parties to get APIs, and finally, implementing them on a platform is a task that requires specific knowledge, experience and can be time-consuming. 

At LenderKit, we simplify your investment platform launch by offering white-label investment software as well as proven expertise of working with different third-party providers. 

If you want to see how our software works and how it can help you start your online investment business as well as want to consult regarding different integrations or propose your own, rich out to us by filling out the contact form and we will get back to you shortly.