Riyadh - Sharikat Mubasher: Najm for Insurance Services concluded a cooperation agreement with Elm Company, a leading Saudi provider of innovative, secure services and solutions, to enhance technological systems and data exchange.

The agreement was signed by the Acting CEO of Najm, Abdullah Al-Khalaf, and the CEO of Elm, Mohammed Al-Omayer, during the Money 20/20 Middle East conference, a recent statement revealed.

The agreement sets a legal framework governing the relationship between the two companies in the areas of data exchange and technological services, aiming to enhance the quality of services provided to beneficiaries.

Both parties will join efforts to provide joint services for data processing, sharing, transfer, and exchange, as well as cooperate in the development and protection of digital systems. They will also explore ways to improve project execution, establish effective plans and procedures, and strengthen cooperation in areas of mutual interest.

Commenting on this partnership, CEO Al-Khalaf stated: “This agreement reflects Najm’s commitment to supporting digital transformation in the insurance sector through strategic national partnerships with leading companies such as Elm. This step reinforces Najm’s efforts to expand the implementation of innovative digital solutions that ensure data protection and enhance operational efficiency, positively impacting the quality of services provided to customers and beneficiaries.”

He noted that the agreement marks a significant step towards establishing an advanced and secure digital infrastructure for the insurance sector.

Moreover, this partnership is expected to deliver added value to customers and support Vision 2030’s objectives.

The Money 20/20 Middle East took place in Riyadh from 15 to 17 September, bringing together more than 450 global and regional fintech brands and over 1,050 investors from around the globe.

Co-organized by Fintech Saudi and Tahaluf, the conference addressed key topics shaping the future of the financial sector, including artificial intelligence (AI) in financial services, open banking and open finance, instant payments, and data governance and regulations.