Riyadh: The World Fintech Show has witnessed the launch of new ventures Holoul and Leza’am by Fintactics, which also signed partnership agreements with Aion Digital and Bitfy Holdings.
The event, which started on December 5 in Riyadh, also witnessed the launch of the Fintactics Studio to shape the future of fintech in the Kingdom, according to a press release.
Launch of Fintech Holoul
Fintactics has launched its venture Holoul as a digital mortgage platform that helps facilitate and support home ownership, in line with the Saudi citizens’ Vision 2030.
The mortgage market in Saudi Arabia is developing at a rapid pace, while the results are perceived as very positive.
The signing included Founder and CEO of Holul Venture, Basil Al Shamlan, as well as Fintactics’ CEO, Haitham Al Sahafy, as well as Managing Partner, Mohammed Al Maghlouth.
Launch of Regulatory Technology (RegTech) Leza’am
Leza’am is a joint venture (JV) between Fintactics and Aion Digital that was launched during the two-day event, as a solution to the requirements of businesses for a fully digital onboarding experience to guide customers through their onboarding process . This is also to meet the growing demand for business resilience requirements and consumer expectations.
The signing of the partnership included Fintactics’ CEO as well as its Managing Partner, in addition to Aion Digital’s Chairman, Abdulatif Al Rajhi, and its Founder and CEO, Ashar Nazim.
Partnership agreement between Fintactics and Bitfy
Fintactics has invested in Bitfy, a Brazilian-based venture pioneering Blockchain as a Service, to offer tokenization of illiquid assets.
The collaboration between Fintactics and Bitfy aims to accelerate the adoption of distributed ledger technologies (DLT) in both financial and non-financial verticals in Saudi Arabia.
Fintactics will be able to locate blockchain tokenization and securitization technologies for physical and illiquid assets, in cooperation with relevant regulatory bodies in the Kingdom; the Capital Markets Authority (CMA) and the Saudi Central Bank (SAMA).
The signing included Fintactics’ Al Sahafy and Al Maghlouth, as well as Bitfy’s founder and CEO, Lucas Schoch.
Partnership agreement between Fintactics and Aion Digital
Both Aion Digital and Fintactics have joined forces as part of the developer’s mission to shape the financial landscape of the future.
Aion Digital, a digital banking platform offering customer-centric digital transformations, will together with Fintactics develop and expand key digital products across the GCC and MENA.
The signing included Fintactics’ CEO and its managing partner, as well as Aion Digital’s chairman in addition to its founder and CEO.
Launch of Fintactics Studio and VC Fund
Fintactics Studio has been launched during the World Fintech Show as the first dedicated fintech venture builder in the region.
Fintactics Studio is backed by a SAR 150 million CMA-authorized VC fund. It aims to concentrate on supporting in-house businesses and investing in certain fintech ventures across the Kingdom, in the MENA region and also worldwide.
Fintactics Venture Builder has emerged from Revival Lab, while launching under Arbah Capital. The developer will leverage deep technology expertise and a network of brand partners to set up distinctive, operationally focused investment models that can benefit investors and entrepreneurs in Saudi Arabia and the region.
The VC fund will focus on early fintech ventures in the Pre-seed, Seed and early Series A stages, while targeting ventures with a significant market opportunity.
Trescon, which chaired the event, hosted senior executives from the three entities, namely Revival Lab’s Chairman, Saad Al Moammar, and its Co-Founder and CEO, Al Maghlouth; Fintactics’ CEO; Arbah Capital’s Managing Director, Mahmoud Koohaji, and Board Member, Hisham Al Rashed, Board Member.
An official at the event recently stated that the Riyadh Chamber of Commerce helped more than 40 startups in the fintech sector to build since 2016.
