Saudi Central Bank (SAMA) and Capital Market Authority (CMA) have joined hands to support twelve fintech startups as part of French Accelerator Program.
The Saudi Central Bank (SAMA), Dr. Fahad Almubarak and the Chairman of the Capital Market Authority (CMA), Mohammed Alkuwaiz, Fintech Saudi organized the closing ceremony of the second cohort of the Fintech Accelerator on Tuesday.
The twelve fintech companies presented their innovative solutions, following months of hard work that contributed to developing their product strategies and business models.
“Start-up Fintech companies’ role extends beyond providing innovative financial services to include supporting the broader scope of economy,” SAMA’s governor said.
“In cooperation with the CMA and our partners in the government and private sectors, SAMA seeks to develop the Fintech sector under the ambitious national strategy recently announced by His Royal Highness, Crown Prince and Chairman of the Supreme Committee for Research, Development and Innovation; and under the Financial Sector Development Program (FSDP)–one of the Saudi Vision 2030 programs. Such efforts are made to fulfill the Leadership’s aspirations for the Kingdom to become a world-class financial hub,” he added.
The government said this year, the Saudi fintech industry has witnessed the largest number of venture capital investment deals.
“By building regulatory frameworks that attract innovative business models and using emerging technologies that have the potential to advance the provision of financial products and services, we can take the financial services industry to new heights, stimulate investment, promote economic development and empower entrepreneurs.” Alkuwaiz said.
The Acting Director of Fintech Saudi, Nezar Al Haidar, noted that because of the Saudi Central Bank and the Capital Market Authority’s unrestricted support, the Kingdom has emerged as a hub for innovation and growth in the fintech industry.
During the ceremony, Saudi Aramco Entrepreneurship Center (Wa’ed), a supporting partner of the Fintech Accelerator Program, offered the three winning fintech startups a financial grant of SAR 50,000 each, along with an opportunity to enroll in the business Incubation program presented by Wa’ed, to guide the companies as they look to raise venture investment while growing their businesses.
Wa’ed was founded to accelerate the growth of leading companies in the Kingdom by investing in high-growth sectors such as fintech, as a way to support the advancement of the local entrepreneurship ecosystem.
Eng. Fahad Alidi, the Managing Director at Wa’ed, said the partnership with “Fintech Saudi” is an extension of Wa’ed’s strategy to diversify its support for local and international startups in addition to funding their growth.
The Fintech Accelerator Program Demo Day included an exhibition area for fintech companies that participated in the first and second cohort of the program. In the exhibition area, 21 fintech companies showcased their innovative products and solutions to investors, banks, potential partners, other key stakeholders in the entrepreneurship ecosystem, and members of the fintech community.
The companies that took part displayed cutting-edge fintech products that directly address social demands and provide solutions to pressing issues.
Fintech Saudi was started by the Saudi Central Bank in April 2018 in collaboration with the Capital Market Authority. Its goals are to transform the Kingdom into a hub for financial technology innovation, build a prosperous and responsible ecosystem, and support entrepreneurs by fostering the growth of the infrastructure necessary for the industry’s evolution.