Fintech Buddy Saudi Arabia, a one-stop shop platform for startups and foreign companies, has forged a partnership with law firm Riad & Riad Law Firm to support Egypt-based fintechs who are planning to expand to Saudi Arabia and vice versa.
The platform already helps startups and international foreign companies with their fintech licence application requirements. It also advises on the feasibility of any financial services or technology related products offered in Saudi Arabia.
Its work with Riad & Riad Law Firm aims to provide fintechs with ‘practical and cost-effective solutions’ that support their growing businesses in Egypt as well as help them move forward.
“In line with the Kingdom’s Vision 2030, Saudi Arabia is emerging as an attractive hub for global companies looking to expand their operations and establish their regional offices,” says Nasreen Alissa, founder at Fintech Buddy Saudi Arabia. “Moreover, the Saudi authorities have been lately putting efforts to develop a diversified and effective fintech sector, increase the number of active fintechs to 525, and create 18,000 fintech jobs by 2030.
“Fintech sector is one of the fastest growing areas of development in the Kingdom. We are delighted to collaborate with Riad & Riad Law Firm and together contribute to achieving this objective and supporting Egyptian fintechs.”
Riad & Riad assists overseas fintech clients with their entry into Egypt, including supporting consultations with governmental authorities. It also advises on all regulatory and licensing requirements, as well as M&A, general corporate, intellectual property, information security, labour & employment, syndicated loans and venture debt and VC.
Dr. Fatma Salah, partner at Riad & Riad Law Firm, added: “Our partnership will first aim to formalise the mutual interaction and enhance our abilities to provide seamless client services in Egypt and KSA. Egypt presents a huge potential for fintech and wider digital transformation having a population of over 110 million while around two-thirds of it is still unbanked.
“Egypt is placed among the top countries in Africa and the region with most dynamic fintech sector and tremendous growth. Over the last five years, the growth in venture capital investment increased from around $1million raised in three fintech deals in 2017, to reach more than $159million last year with 32 fintech deals.”
The Central Bank of Egypt (CBE) recently launched its Financial Inclusion Strategy 2022-2025, a national plan focusing on expanding access to financial services. It also facilitates innovative financial products and establishing a conducive environment for fintech innovation.
Fintech Buddy Saudi Arabia also recently signed a collaboration agreemnt with fintech hub Bahrain FinTech Bay.