Under the patronage of the Governor of the Central Bank of Saudi Arabia (SAMA), Dr. Fahad Almubarak and the Chairman of the Capital Market Authority (CMA), Mr. Mohammed ElKuwaiz, Fintech Saudi organized the closing ceremony of the second batch of the Fintech Accelerator on Tuesday 26/07/2022.
The 12 fintech companies from the Fintech Accelerator Program presented their innovative solutions, culminating months of hard work, which helped develop their product strategies and business models, acquiring the expertise and knowledge of international and local experts.
Dr. Fahad Almubarak delivered the opening speech, while Mohammed Elkuwaiz welcomed the visitors and confirmed the support of SAMA and CMA for entrepreneurs in the fintech sector.
For his part, SAMA’s Governor stated that: “The role of Fintech start-ups extends beyond providing innovative financial services to include supporting the wider spectrum of the economy. We seek in SAMA, in collaboration with the CMA and our partners in the public and private sectors, to develop the Fintech sector under the ambitious national strategy issued by the Crown Prince, head of the Supreme Committee for Research, Development and Innovation, and under the Financial Sector Development Program (FSDP) – one of the Saudi Vision 2030 programs. Such efforts are made to fulfill the management’s ambitions for the Kingdom to be a world-class financial hub.”
“This year, the Saudi fintech industry has witnessed the largest number of venture capital investment deals. This is in line with Saudi Vision 2030 which aims for the Kingdom to develop a leading financial sector that keeps pace with the rapid technological revolution. By building regulatory frameworks that attract innovative business models and use new technologies that have the potential to advance the supply of financial products and services, we can take the financial industry to new heights, stimulate investment, promote economic development and empower entrepreneurs.” said Mr. Alkuwaiz
Nezar Al Haidar, Acting Director of Fintech Saudi, noted that due to the Saudi Central Bank and the Capital Markets Authority’s unrestricted support, the Kingdom has emerged as a hub for innovation and growth in the fintech industry.
He emphasized that the program was successful in supporting entrepreneurs to move forward with the development of their innovative fintech solutions, faster than they would have been able to otherwise, and stated that the second cohort, consisting of 12 fintech companies, is a extending the achievements of the first Fintech Accelerator Program (2021).
During the ceremony, Saudi Aramco Entrepreneurship Center (Wa’ed), a supporting partner of the Fintech Accelerator Program, offered the three winning fintech startups a financial grant of SAR 50,000 each, along with an opportunity to enroll in the Business Incubation Program presented by Wa’ed, to guide the companies when they want to increase risk investments while expanding their business. It is worth mentioning that Wa’ed was founded to accelerate the growth of leading companies in the Kingdom by investing in high-growth sectors such as fintech, as a way to support the promotion of the local entrepreneurship ecosystem.
Meadow. Fahad Alidi, CEO of Wa’ed, said that the partnership with “Fintech Saudi” is an extension of Wa’ed’s strategy to diversify its support to local and international startups in addition to financing their growth, indicating the important role of regulators player. in promoting more private investment in the fintech industry.
The Fintech Accelerator Program Demo Day included an exhibition area for fintech companies participating in the first and second cohorts of the program. In the exhibition area, 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 participating companies demonstrated amazing growth and progress in the development of ground-breaking fintech products that directly address social demands and provide solutions to pressing problems.
Fintech Saudi is an initiative launched by the Saudi Central Bank in April 2018 in collaboration with the Capital Market Authority. Its aim is to transform the Kingdom into a hub for financial technology innovation, build a prosperous and responsible ecosystem and support entrepreneurs by promoting the growth of the infrastructure necessary for the industry’s development.
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