AdalFi and Saudi Finance Company have signed a memorandum of understanding to explore cash-flow-based credit scoring for consumer finance in Saudi Arabia, according to AdalFi CEO Salman Akhtar. The agreement centers on a proof of concept that would use Saudi Arabia’s existing open banking infrastructure to build a new input into how Saudi Finance Company assesses credit applicants, rather than relying solely on traditional credit bureau data.
Under the arrangement, and with customer consent, the two companies will work through a SAMA-licensed open banking provider to analyze how an applicant manages money over time, turning that behavior into a real-time, data-driven input that feeds into Saudi Finance Company’s existing credit assessment process. Akhtar was clear that every financing decision remains with Saudi Finance Company, made within its own policies and risk controls, positioning AdalFi’s role as supplying an additional data signal rather than making lending decisions itself.
The rationale behind the pilot centers on reaching applicants who have limited traditional credit history but whose bank accounts show steady income and consistent financial behavior, a group Akhtar described as creditworthy but difficult to assess through a bureau file alone. As part of the proof of concept, AdalFi will calibrate its models specifically to Saudi Finance Company’s applicant base and measure performance against agreed risk parameters, all within the boundaries of Saudi data protection, cybersecurity, and open banking requirements.
Akhtar framed the initiative as a natural next step now that Saudi Arabia has built out the underlying open banking rails, with the remaining work being how that data gets turned into more responsible credit decisions. He linked the collaboration to the open banking and financial inclusion goals under Vision 2030, saying the partnership with Saudi Finance Company reflects that broader direction, though no timeline was given for how long the proof of concept will run or when it might lead to a formal commercial rollout.
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