The Kingdom of Saudi Arabia, the most important economic system and market within the Gulf Cooperation Council (GCC) area, has varied initiatives within the fintech area. These are being supported by Fintech Saudi, the initiative launched by the Saudi Arabian Financial Authority (SAMA) in collaboration with the Capital Markets Authority (CMA) to assist the event of the fintech trade in Saudi Arabia.Saudi Arabia has a rising fintech ecosystem as a part of the broader financial growth transformation occurring underneath Saudi Imaginative and prescient 2030 IMAGE SOURCE GETTY
Between 2017 and 2019, the value of fintech transactions elevated at a fee of over 18% every year, reaching over $20 billion in 2019. The fintech market in Saudi Arabia is predicted to succeed in transaction values of over $33 billion by 2023. The expansion of fintech is a part of the Kingdom’s wider Saudi Imaginative and prescient 2030 financial growth and diversification transformation.
Fintech Accelerator was launched, a singular innovation and entrepreneurship program; it’s powered by Flat6Labs, a Center East regional startup programme and seed funding administration firm that fosters and invests in vivid and passionate entrepreneurs with modern and high-growth potential startups. The intensive 3-month program brings collectively Fintech Saudi’s market attain and Flat6Labs’ assets to offer as much as ten fintechs with the most effective practices, assets, and instruments they should develop and scale their solution-driven companies.
With the launch of the Fintech Accelerator program, Fintech Saudi goals to empower extremely modern entrepreneurs who show large potential inside the native fintech trade. This system will provide fintechs publicity to traders and supply them with mentorship and training from famend professionals with an array of talent units. Fintechs may even be given the possibility to boost their pitching abilities and showcase their options at regional and international occasions.
Nejoud Al Mulaik is the Director at Fintech Saudi IMAGE SOURCE PROVIDED
Based on Nejoud Al Mulaik, the Director of Fintech Saudi, “The Fintech Accelerator is an important milestone for Fintech Saudi. Over the last year we have seen a threefold increase in the number of fintech companies operating in Saudi Arabia and we want this trend to continue and contribute to the goals of Saudi Vision 2030. We are therefore delighted to collaborate with Flat6Labs to launch the Fintech Accelerator program that will provide entrepreneurs with the key skills, support and access they need to grow their fintech business in the Kingdom.”
Ramez El-Serafy, the CEO of Flat6Labs, says, “We’re very excited to be launching the Fintech Accelerator program with Fintech Saudi. With the huge shift in market trends towards fintech solutions and cashless financial systems, we can clearly see the opportunity for Saudi entrepreneurs to innovate, create, and lead the market towards innovative and unexplored solutions. Our collaboration with Fintech Saudi will enable us to create the perfect environment to foster fintech companies and accelerate their growth.”
For fintech corporations to take part within the Fintech Accelerator program, they will need to have developed modern fintech options that show a transparent curiosity within the Saudi market and have the flexibility to remodel the sector. Taking part fintechs also needs to be registered as non-public corporations, have validated enterprise models with current customers, and have generated earnings over the previous three months. fintech corporations can apply to be part of the Fintech Accelerator program via Fintech Saudi’s web site till October 25th 2020.
It was reported by The FinTech Instances that Fintech Saudi additionally launched their Fintech Saudi Annual Report, which consists of a lot of sections together with an outline of the fintech
trade by KPMG, the view from fintechs from MAGNiTT and interviews with the SAMA Regulatory
Sandbox and the CMA FinTech Lab.