🧠TL;DR
🚀 Strong Market Traction
2.5 months after launch, Amwal installment requests surpassed 8 million SAR in August & September, reflecting strong consumer demand to the solution.
🤝 Strategic Merchant Partnerships
SACO, one of Saudi Arabia’s largest home improvement and hardware retailers.
ABYAT, a major regional home and furniture brand with a strong footprint across the Gulf.
🧠 Technology & Innovation
Amwal has been granted its first U.S. patent, covering a novel method for extending biometric authentication protocols.
🚀 Strong demand for our embedded bank installments
With only two banks live (Alrajhi and SNB), and 3 mid-size merchants, the demand for bank installments has surpassed SAR 9 M over the last 2 months.
Our platform, in late September, was processing SAR 150k daily installments requests.
Average spend on credit card installment is 2x higher than full-payment : This is a strong validation for the embedded bank-powered BNPL infrastructure we are building.
12 & 6 months installments are the two most popular choices.
Merchants update
Welcoming SACO hardware, TWDL 4008, and ABYAT to AMWAL
During Fintech 24, we have signed a strategic partnership with both SACO and ABYAT to enable bank-installments for millions of their users.
We are starting our technical integration, and expect them to go-live before end of year.
🏆 Technology Milestone
We are proud to announce that Amwal Tech Inc has been granted a US patent to extend biometric authentication standards - titled : “Security registration and authentication systems and methods for extending OpenID security standards for passkey authentication.”
This milestone puts Amwal Tech alongside global leaders like Apple, Okta and Sony, and truly enables huge upgrade to current authentication standards worldwide.
