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Jeddah - Yasmine El Tohamy - CAIRO: Saudi Arabia’s financial technology sector is attracting a new breed of artificial intelligence startups aiming to take part in the already booming industry.
With presence in seven countries, Singaporean AI-powered startup Dyna.Ai is moving its focus to the Saudi fintech market as it aims to cement its local presence with a domestic office.
In an interview with Arab News, Tomas Skoumal, chairman of Dyna.Ai, shared that the company is in the process of registering in the Saudi market.
“We are already in the process of securing our registration which we hope will be completed within the next quarter. The feedback from our partners in Saudi Arabia has been extremely encouraging, and we are looking forward to having a physical presence very soon,” Skoumal said.
The company plans to establish a local office in the Kingdom, reflecting its commitment to the region.
“We will have an office there and we will be hiring locally. Saudi Arabia is a crucial part of our global growth strategy, and we are committed to supporting job creation as well as building long-term partnerships with our clients,” he said.
“The financial sector faces numerous challenges, and businesses need to accelerate their transformation rapidly by digitizing services to meet the needs of modern customers,” Skoumal explained.
Dyna.Ai offers solutions that address these challenges by providing end-to-end offerings through products for customer acquisition, marketing, risk management, and operational productivity.
Skoumal noted that the company’s Result-as-a-Service business model is designed to ensure clients realize tangible benefits from the deployment of their products.
“We work with traditional banks, digital banks, fintechs, insurtechs, and other sectors providing various AI-powered solutions,” he said.
Dyna.Ai’s immediate goals include embedding AI solutions at the heart of the financial sector and hiring local talent to support their operations.
Embedding AI in fintech
“By investing in domestic talent with a commitment to constantly upskill them, we are excited about the opportunities to demonstrate Saudi Arabia’s commitment and sector leadership to the global AI ecosystem,” Skoumal emphasized.
The company’s long-term vision involves creating a significant impact on the Saudi financial services sector, which is projected to benefit from AI advancements significantly.
“Artificial intelligence solutions are expected to create a $320 billion impact on the Middle East, with the largest gains of $135.2 billion expected to be seen in Saudi Arabia,” Skoumal noted.
Dyna.Ai’s expansion strategy in Saudi Arabia includes a strong local presence and collaboration with governmental bodies.
We work with traditional banks, digital banks, fintechs, insurtechs, and other sectors providing various AI-powered solutions.
Tomas Skoumal, chairman of Dyna.Ai
Skoumal explained that the company is already in conversation with government-backed institutions and semi-government entities to tailor their solutions for the Kingdom.
The company’s growth objectives for the next year include launching the office, expanding their product portfolio, and deepening industry expertise in Saudi Arabia and the wider Middle East and North Africa region.
“To achieve these objectives, we will invest in our local team and collaborate with government, local partners, academic institutions, and research organizations,” Skoumal said.
Dyna.Ai has also introduced new products specifically tailored for the Saudi market, including Dyna Avatar and Dyna Athena, which are designed to enhance customer interaction and communication in local dialects.
“The operating environment for AI businesses is constantly changing, and around the world where we operate, we ensure that we are closely working with policymakers to ensure alignment with local regulations,” Skoumal explained.
He further praised Saudi Arabia’s advanced and welcoming regulations in the fintech sector that allow businesses to operate in a sandbox while testing services and solutions.
The Saudi market is pivotal for Dyna.Ai’s due to its rapid adoption of innovative AI solutions and its young, tech-savvy population, Skoumal explained.
“Saudi Arabia is one of the most exciting markets for technology businesses in the Middle East. The pace of change and adoption of innovative AI solutions is not just inspiring but extremely exciting,” he said.
“Further, the Kingdom is home to one of the youngest populations in the region with 63 percent under the age of 30,” Skoumal pointed out.
He added that the Kingdom’s geographic location and its role as the region’s largest economy make it an ideal hub for driving AI adoption in the Middle East.
FASTFACT
The company’s growth objectives for the next year include launching the office, expanding their product portfolio, and deepening industry expertise in Saudi Arabia and the wider Middle East and North Africa region.
Assessing the current market landscape, Skoumal remarked: “The AI sector around the world, and in Saudi Arabia, is still at an early stage. However, the progress of the technology is fascinating, with incredible advances in very short periods.”
“AI is expected to create a multi-billion dollar impact on the Saudi economy by 2030, and by investing early in the Kingdom, we believe that we will be well positioned to empower work and enrich lives,” he stated.
Dyna.Ai aspires to not only provide advanced solutions to the financial sector but also to equip Saudi youth with cutting-edge skills and technology access. Looking at future industry trends, Skoumal highlighted several opportunities.
“The AI and fintech landscape is constantly evolving, with new technologies, competitors, and regulatory requirements emerging regularly. We see increasing demand for AI-driven solutions across industries, expansion of AI applications into new areas, and the emergence of new technologies and business models,” he said.
These trends present significant opportunities for Dyna.Ai.
“We are continuously investing in the local market, swiftly refining our localized solutions, establishing a more professional local team, and developing collaborative models that align with local requirements. This approach allows us to maximize our grasp on these opportunities,” Skoumal said.
Business fundamentals
Regarding profitability, Skoumal stated: “We have strong unit economics and robust fundamentals. At the moment our focus is on growth, and deploying our solutions with clients. As with the enterprise technology sector, profitability will be achieved as we grow, and our global expansion is a crucial part of this.”
The motivation behind founding Dyna.Ai stemmed from Skoumal’s extensive experience in the global financial sector.
“Financial institutions are generally slow to adopt modern technology due to concerns over security, regulations, deployment, and other factors,” he noted.
While Dyna.Ai is well-capitalized and focused on growth, expansion, and local hiring, Skoumal emphasized that the company is continuously looking for opportunities to innovate and refine its solutions.
“We are extremely proud of the fact that 50 percent of our workforce is dedicated to research and development efforts, which means we are able to constantly innovate while bringing new solutions and updates to market very quickly,” he highlighted.
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