Saudi Gazette report

RIYADH — Saudi Arabia’s Ministry of Finance on Tuesday launched 12 new products on its digital portal Etimad to cater to new segments of beneficiaries from the public as well as private sector.

The ministry’s digital portal allows government bodies and private sector contractors to make use of the electronic services for procurement, budget management, vendor selection, and contract and payments management.

The beneficiaries of the new products include contractors and suppliers, banking and financial sector and government employees.

Commenting on the development, Ahmad Alsuwaiyan, deputy minister for technology and development at the Ministry of Finance, said that the ministry in line with Vision 2030 has made great efforts over the past years to promote digital transformation plans within the government ecosystem and launched several initiatives toward this end.

It has also empowered government entities to manage resources effectively and efficiently, and strengthened partnership & transparency with the private sector, Alsuwaiyan added.

The new products that have been launched on Etimad are the following:

Budget services — to provide budget planning and execution services between government entities and MOF, including transfer and inquiries on budget items.

Etimad marketplace — allows for open movement of transactions between the public & private sector (contractors & suppliers), and provides lists of products and services at standard rates under framework agreements.

Financial claims — enable the private sector (contractor & suppliers) to submit financial claims to government entities through Etimad, and to complete the procedures of e-payment cycle, subject to gradual activation.

Integration services — provide an electronic link to contracts, financial claims and payment orders between the internal systems of government entities and Etimad through the government integration bus from e-government program (YESSER).

Report and indices — enable government entities to use business intelligence abilities to obtain data and reports and to support the decision-making process. They help analyze performance, monitoring indices, and enhance financial planning and follow-up.

Government Irkab — provides travel order management services via Etimad. It allows government employees to determine the destination, select proper flight and issue travel ticket electronically through integration with Saudi Airlines.

Inquiries about salaries and entitlements — allow Government employees to review basic salary data and financial entitlements.

Letter of guarantee — enables the private sector to issue bank guarantees and link them to government tenders and procurement. It enables electronic modification & cancellation through integration with the financial and banking sector.

Etimad data — allows the private sector (contractors & suppliers) to provide the option of inquiry for the financial and banking sector about data related to government tenders and contracts and the status of financial claims to obtain banking services.

Deduction system — provides an option for the central deduction of entitlements, as well as direct transfer to beneficiary entities, such as pension agencies, banks, government funds, etc.

Financing and receivables sales — enable private sector (contractors and suppliers) as well as SMEs to obtain funds and sell receivables from the financial and banking sector through Etimad.

Etimad auction — contributes to better management of products and movables selling processes through e-auction mechanisms; aiming to raise the level of competitiveness among beneficiaries willing to purchase.

Officials from the public & private sector participated in the event and addressed topics related to the digital transformation and technology developments the public sector is witnessing and the impact of Etimad new products on the development of the financial sector.

It is worth mentioning that “Etimad” is the official digital platform for the financial services provided by the Ministry of Finance for the public & private sector. Etimad aims to support communication and transparency, enhance efficiency, facilitate the provision of financial services, save administrative & procedural efforts between the Ministry and the beneficiaries.