Saudi Real Estate Refinance Company live on TCS Bancs core system
SRC to refinance up to $20bn of mortgage debt in Saudi Arabia over five years
Saudi Real Estate Refinance Company (SRC) has implemented the TCS Bancs platform from TCS Financial Solutions for its core operations to refinance real estate.
SRC is a start-up – launched in partnership with the Ministry of Housing in 2017 – designed to stimulate housing sector development in Saudi Arabia by injecting substantial liquidity into the somewhat constrained real estate market.
The company will act as an intermediary by aligning the liquidity, capital, and risk management requirements of real estate mortgage companies, and aims to refinance up to $20 billion of mortgage debt over the next five years.
The vendor says this is the “first of its nature deployment in the Middle East region”.
The single, integrated platform will service the complete mortgage refinancing lifecycle, including the treasury function as well as finance, HR and payroll administration through its partner network.
SRC opted for TCS due to the “comprehensive functional capability” of its flagship TCS Bancs offering and the company’s “execution rigour and domain expertise demonstrated globally”, the vendor says.
“Our vision directly tracks the country’s 2020 National Transformation Programme, which calls for a 100% increase in real estate’s GDP contribution from 5% to 10% by 2020,” explains Fabrice Susini, CEO of SRC. “To reach this ambitious goal, we needed a flexible and agile platform.”
He compliments the “modern functionality and architecture” of TCS Bancs as well the vendor’s “deep commitment and support”.
Neeraj Srivastava, country manager of TCS Saudi Arabia, describes the country as “a strategic market” for the vendor in the Middle East.
TCS already has a number of users of TCS Bancs in Saudi Arabia, including National Commercial Bank, the country’s largest financial institution; Samba Financial Group; and Tadawul, Saudi Arabia’s stock exchange.
