In a significant stride towards bolstering Saudi Arabia’s fintech landscape, Fintech Saudi and Kyndryl (NYSE: KD) have inked a Memorandum of Understanding (MoU) to catalyze advanced innovation within the Kingdom’s burgeoning fintech sector. The collaboration, a cornerstone of Fintechs Enablement Program “Makken,” endorsed by Saudi Central Bank (SAMA) and the Capital Market Authority, is designed to streamline the journey of local fintech entrepreneurs and startups to market. Aligned with Saudi Vision 2030, the program empowers fintech players, translating “Makken,” an Arabic verb meaning “to enable” or “to empower,” into tangible progress.
Fintech Ecosystem and Innovations in Saudi Arabia
Launched in 2018, Fintech Saudi, an initiative by SAMA and the Capital Market Authority, has played a pivotal role in transforming Saudi Arabia into a fintech hub. The Kingdom has witnessed a remarkable 300% surge in fintech companies since 2021, amassing a total revenue of SR2.8 billion ($746.4 million) in 2022, as per SAMA’s annual fintech report. Under the MoU, Kyndryl commits to providing secure, fully managed, cloud-based incubation platforms for fintech startups. This support enables startups to focus on refining prototypes and innovative solutions before seeking funding. Throughout the incubation phase, Kyndryl will offer technical support and additional resources, fostering the evolution of groundbreaking technological ideas into market-ready innovations.
To complement this collaboration, Fintech Saudi and Kyndryl will jointly organize hands-on seminars, events, and workshops. These initiatives aim to cultivate knowledge sharing, create networking opportunities, and drive modernization within the fintech community. The strategic alliance between Fintech Saudi and Kyndryl underscores a shared commitment to fortify Saudi Arabia’s position as a global fintech powerhouse, in line with the nation’s ambitious Vision 2030.
“We are proud to be chosen as an enablement partner for Saudi Arabia’s fintech entrepreneurs and startups and have the opportunity to contribute to the growth of the financial services sector in Saudi Arabia,” said Andreas Beck, Vice President and Managing Director, Kyndryl Middle East and Africa. “Through the collaborative efforts of both organizations leveraging their strengths and resources, we are well-positioned to facilitate the development of innovative value propositions across the financial services value chain, addressing customer needs.”
In the presence of the leadership team from both organizations, the MoU was signed by Nizar Al-Haider, Director at Fintech Saudiand Andreas Beck, Vice President and Managing Director, Kyndryl Middle East and Africa.
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
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