Standard Chartered, the leading global banking group, and Falak Investment Hub, the region’s leading full-fledged investment firm, have announced the successful completion of the ‘Standard Chartered Women in Tech‘ programme in Saudi Arabia.
The programme, which aimed to empower female entrepreneurs and support their digital businesses, selected eight female-led startups through an independent panel of judges.
After an intensive eight-week incubator programme, the entrepreneurs showcased their innovative ideas in sectors such as fintech, health tech, property tech, and edutainment.
The top three competitors were awarded a total of $50,000 in equity-free cash rewards, with the first-place winner receiving $25,000, the second-place winner receiving $15,000, and the third-place winner receiving $10,000.
Awards were distributed during a special event, under the patronage of Monsha’at and in the presence of its Deputy Governor, Saud bin Khaled Al-Sabhan.
He delivered a speech about the pivotal role played by Monsha’at for female entrepreneurs and enhancing their entrepreneurial skills, which contributed to increasing the number of women-owned enterprises to more than 476,000 establishments in the Kingdom and by up to 40 percent, hence reflecting the interest of the Saudi government in empowering women and their participation in the business sector, the statement said.
All participating startups were granted educational opportunities on key entrepreneurship topics, guidance, and mentorship.
Standard Chartered team provided financial and banking services expertise to the startups, while Falak utilised its experience in identifying and nurturing early-stage companies.
The partnership used Falak’s vast network of investors, mentors, and industry experts, while also granting startups access to the Bank’s worldwide presence, which extends across more than 60 countries.
Throughout the programme, all participating start-ups were granted educational opportunities on key entrepreneurship topics, guidance, and mentorship.
Standard Chartered provided financial and banking services expertise, while Falak utilised its experience in identifying and nurturing early-stage companies.
The partnership leveraged Falak’s extensive network of investors, mentors, and industry experts, while granting the start-ups access to Standard Chartered’s worldwide presence in over 60 countries.
Mazen Al Bunyan, CEO of Standard Chartered Saudi Arabia, expressed pride in the talent exhibited by Saudi women during the programme and emphasised the bank’s commitment to facilitating the digital transformation of business start-ups in line with the objectives of Saudi Vision 2030.
“Entrepreneurship holds a significant place in our community strategy, and SC Women in Tech plays a vital role in advancing this objective. I extend my heartfelt congratulations to the winners and all the participants who embarked on this journey, and I would like to express my sincere gratitude to the teams from Standard Chartered and Falak Investment Hub for their remarkable efforts in making this endeavor a reality,” she said.
Adwa AlDakheel, CEO of Falak Investment Hub, also commended the successful conclusion of the programme, highlighting the role it played in empowering female founders in the tech industry in Saudi Arabia.
AlDakheel expressed gratitude to Standard Chartered for their support and expertise and looked forward to continuing the partnership to create long-term impact.
“The programme was conceptualised to enable female founders in the tech industry all over the MENA, focusing on KSA. Through an 8-week journey, we were inspired, humbled, and grateful to have had the opportunity to work with eight powerful female founders paving the way forward with innovative tech-enabled solutions,” she explained.
The ‘Standard Chartered Women In Tech’ initiative, currently present in seven countries, including Saudi Arabia, aims to contribute to the economic diversification efforts of each country by helping female entrepreneurs establish scalable digital businesses.
Since its launch in 2014, the programme has seen a total funding of $1.4 million, with over 2,669 women having participated in the programme across the globe. Saudi Arabia launched its first cohort in November 2022, with the second cohort set to be announced later this year.
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