Quara launches financing services on Mobily Pay platform

Logo of Quara Finance

Quara Finance officially launched its financing services on the Mobily Pay platform on Oct. 8, under a partnership agreement with Etihad Digital Financial Co. (Mobily Pay), according to a Tadawul statement.

The launch followed the completion of the required regulatory approvals for both parties and the conclusion of a pilot phase that began on Sept. 22.

The partnership enables Quara to offer financing services and solutions to Mobily Pay users in Saudi Arabia, in compliance with regulations and instructions issued by the Saudi Central Bank (SAMA) and the principles of Shariah.

Quara expects the partnership to affect its financial results depending on the volume of financing transactions processed through the platform following the official launch. However, the company said it cannot currently quantify the financial impact, as it depends on actual demand for the financing products.

No related parties are involved in the agreement, the statement said.

The launch aims to provide innovative financing solutions through Quara's integrated digital infrastructure, enabling Mobily Pay users to access a range of financing products tailored to their diverse needs. It will also make the application process more flexible, convenient and faster.

The company said the initiative reflects its ongoing commitment to developing modern financial solutions that support the growth of the financial services sector, while enhancing the integration of financing services with leading digital platforms, in line with the objectives of the Financial Sector Development Program (FSDP) and Saudi Vision 2030.