The second accelerator programme of Fintech Saudi saw participation of 12 startups in the financial technology sector, much higher than its first such initiative last year.
Fintech Saudi, an initiative started by the Saudi Central Bank (SAMA) in April 2018 in collaboration with the country’s Capital Market Authority (CMA), supports entrepreneurs to progress the development of their innovative fintech solutions and also to access funding for their ventures.
The three winning startups at this year’s accelerator programme, concluded on Tuesday, were awarded a financial grant of SAR50,000 each by Saudi Aramco Entrepreneurship Center (Wa’ed), SPA reported.
Wa’ed, a supporting partner of the Fintech accelerator programme, also offered the three winning fintech startups an opportunity to enroll in the business incubation program presented by its centre.
The Wa’ed centre will guide the startups 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.
Delivering the opening speech at the concluding session of the programme, Dr. Fahad Almubarak (pictured), Governor of the Saudi Central Bank (SAMA), said startup fintech companies’ role extended beyond providing innovative financial services to include supporting the broader scope of economy.
“In cooperation with the CMA and our partners in the government and private sectors, SAMA seeks to develop the fintech sector under the Financial Sector Development Program (FSDP) – one of the Saudi Vision 2030 programmes,” Almubarak said.
Mohammed Alkuwaiz, Chairman of CMA, 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,” he added.
The Fintech accelerator programme ‘Demo Day’ included an exhibition area for fintech companies that participated in the first and second cohort of the program.
As many as 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 amazing growth and advancement in the development of cutting-edge fintech products that directly address social demands and provide solutions to pressing issues.
Follow us on
