THIQAH, a leader in technology sector, announced today, Thursday, 23rd Rabi’ Al-Awwal 1446H (26th September 2024), a strategic partnership with Ratl Tech in Riyadh. This partnership aims to enhance investment in the “MUHIDE” platform, which focuses on documentation and legal governance in commercial relations, leveraging THIQAH’s expertise in business solutions. The agreement was signed by Eng. Ahmed Alalola, Deputy CEO of THIQAH, and Mr. Hashim Alhussaini, CEO of Ratl Tech, in the presence of H.E. Dr. Ghassan Alsulaiman, Chairman of Ratl, Ayman Alfallaj, CEO of THIQAH, and Dr. Mansour Alhussaini, founder of the "MUHIDE" platform.
THIQAH highlighted that this partnership would improve digital interactions between buyers and sellers of goods and services by offering strong and reliable governance tools. These tools will act as definitive evidence in resolving commercial or financial disputes by digitizing transactions, ensuring seller payment protection and buyer delivery rights, and enhancing the efficiency of trade dealings on the “MUHIDE” platform.
Ratl Tech emphasized that this partnership would boost the "MUHIDE" platform’s capability to support large companies as well as small and medium enterprises (SMEs) by digitizing their operations and providing a secure commercial environment for trusted buyers and sellers. Furthermore, these companies will benefit from enhanced financing opportunities through MUHIDE’s specialized financial services partners. The platform also includes integrated legal agreements in line with Saudi Arabia's electronic transaction system, signed by both parties, enhancing the reliability and transparency of business transactions in accordance with applicable laws.
The “MUHIDE” platform, to be launched by Ratl Tech, is the first unified interactive system connecting sellers, buyers, trade credit insurance companies, financiers, and logistics firms. The platform is leveraging Block Chain technology to transform traditional paper-based commercial documents into smart contracts, reducing commercial disputes while adhering to the highest standards of security and transparency. It is supported by comprehensive operational and legal governance, contributing to enhancing the credibility of the commercial system in the Saudi market.
It is worth noting that Ratl Tech has joined THIQAH’s partnership program, which aims to promote collaboration and investment in promising startups and entrepreneurs, supporting their growth and success across various sectors. Ratl is a fintech startup specializing in providing commercial financial solutions in Saudi Arabia, aiming to enhance trust and governance in local business relationships.
