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Jeddah - Yasmine El Tohamy - RIYADH: Saudi entrepreneurs and startups in the fintech sector are set to receive a technological boost following an agreement signed between Fintech Saudi and US-based Kyndryl.
This strategic collaboration, formalized through a memorandum of understanding, is designed to accelerate the adoption of advanced innovations in the Kingdom’s burgeoning fintech industry, according to a press note.
The agreement is part of a fintech enablement program known as Makken, an initiative by Fintech Saudi, supported by the Saudi Central Bank, known as SAMA, and the Capital Market Authority.
Under the MoU’s terms, Kyndryl, one of the world’s largest information technology infrastructure services providers, will support fintech startups by providing a secure, cloud-based incubation platform.
This initiative will allow startups to concentrate on developing their prototypes and products, with Kyndryl offering the necessary technical support and resources to transform ideas into viable technological innovations.
Moreover, Fintech Saudi and Kyndryl plan to co-host a series of hands-on seminars, events, and workshops, which will foster knowledge sharing and networking within the fintech community.
“We are proud to be chosen as an enablement partner for Saudi Arabia’s fintech entrepreneurs and startups and have the opportunity to contribute to the growth of the financial services sector in Saudi Arabia,” Vice President and Managing Director of Kyndryl Middle East and Africa, Andreas Beck said.
“Through the collaborative efforts of both organizations leveraging their strengths and resources, we are well-positioned to facilitate the development of innovative value propositions across the financial services value chain, addressing customer needs,” Beck added.
Makken aims to assist fintech entrepreneurs and startups in launching their operations more efficiently and effectively.
This program aligns with the Kingdom’s fintech strategy, a core element of the Financial Sector Development Program under the broader framework of Saudi Vision 2030.
Since its inception in April 2018 by SAMA and the Capital Market Authority, Fintech Saudi has been instrumental in transforming Saudi Arabia into a hub for fintech innovation.
It focuses on developing infrastructure, enhancing capabilities, and nurturing talent while supporting entrepreneurs and startups through various developmental stages.
The fintech landscape in Saudi Arabia has witnessed significant growth, with a 300 percent increase in the number of fintech companies since 2021, generating revenues of SR2.8 billion ($746.4 million) in 2022.
The MoU was signed by Nezar Al-Haider, director at Fintech Saudi, and Beck in the presence of their leadership teams.
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