Riyadh, 26th September 2024 – THIQAH, a leading technology solutions provider, has announced a strategic partnership with Ratl Tech to invest in the “MUHIDE” platform. This innovative platform, focused on enhancing documentation and legal governance in commercial relations, aims to transform the way businesses handle transactions by leveraging advanced technology and digital 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 prominent industry figures including H.E. Dr. Ghassan Alsulaiman, Chairman of Ratl Tech, Ayman Alfallaj, CEO of THIQAH, and Dr. Mansour Alhussaini, founder of the “MUHIDE” platform.
A Vision for Digital Governance
Through this partnership, THIQAH and Ratl Tech aim to enhance digital interactions between buyers and sellers of goods and services by providing robust governance tools. The “MUHIDE” platform will offer digitized solutions to protect both buyers and sellers by ensuring secure payments and delivery rights, acting as definitive evidence in resolving commercial or financial disputes.
THIQAH, known for its expertise in business solutions, emphasized that the platform’s governance tools will play a key role in improving the efficiency of trade dealings, with the potential to minimize disputes and strengthen trust in business transactions.
Supporting Businesses of All Sizes
Ratl Tech’s CEO, Mr. Hashim Alhussaini, highlighted that this partnership will significantly enhance the “MUHIDE” platform’s capabilities, providing support not only to large companies but also to small and medium enterprises (SMEs). The platform will digitize operations and foster a secure environment for trusted commercial interactions, empowering businesses to operate with greater transparency and confidence.
One of the key benefits of the “MUHIDE” platform is its ability to connect businesses with specialized financial services partners, opening up new financing opportunities for companies of all sizes. Additionally, the platform will integrate legal agreements in line with Saudi Arabia’s electronic transaction system, ensuring that business transactions are transparent and compliant with applicable laws.
Blockchain-Driven Commercial Solutions
Scheduled for launch by Ratl Tech, “MUHIDE” is the first unified interactive system in Saudi Arabia that connects buyers, sellers, trade credit insurers, financiers, and logistics firms. By leveraging Blockchain technology, the platform transforms traditional paper-based documents into smart contracts, drastically reducing commercial disputes while adhering to the highest standards of security and transparency.
With its comprehensive operational and legal governance framework, “MUHIDE” is set to play a pivotal role in strengthening the credibility of the commercial ecosystem in the Saudi market.
A Commitment to Supporting Innovation
This partnership marks another milestone for Ratl Tech, which has joined THIQAH’s partnership program aimed at fostering collaboration and investment in promising startups and entrepreneurs across various sectors. Ratl Tech, a fintech startup specializing in commercial financial solutions, is committed to enhancing trust and governance in local business relationships, aligning with Saudi Arabia’s vision for a digitally empowered economy.
The strategic partnership between THIQAH and Ratl Tech reflects a shared commitment to promoting digital innovation and fostering a secure, transparent, and efficient commercial environment in Saudi Arabia.
