Under the patronage of the governor of the Saudi Central Bank (SAMA), Dr. Fahad Almubarak and the chairman of the Capital Market Authority (CMA), Mohammed ElKuwaiz, the closing ceremony of Fintech Saudi‘s second cohort of the Fintech Accelerator concluded on 26 July.
The 12 fintech companies from the fintech accelerator programme presented their solutions, backed by months of hard work, which contributed to the outcome of their product strategies and business models; acquiring expertise and knowledge from international and local experts in the field
Visitors were welcomed by Elkuwaiz’s affirmation of SAMA and CMA’s support and were entertained by Almubarak’s opening speech.
In it, Almubarak shared how the role of fintechs was to support the wider economy, stating: “We seek at SAMA…to develop the fintech sector under the ambitious national strategy issued by the Crown Prince…and under the Financial Sector Development Programme (FSDP); one of the Saudi Vision 2030 programmes.”
Acknowledging the considerable number of venture capital investment deals to take place within the Saudi fintech industry, Elkuwaiz emphasises how the correct regulatory frameworks and technologies could “take the financial services industry to new heights, stimulate investment, promote economic development and empower entrepreneurs.”
Nezar Al Haidar, the acting director of Fintech Saudi, noted that because of SAMA and the CMA’s unrestricted support, the Kingdom has emerged as a hub for innovation and growth in the fintech industry.
He stressed that the programme succeeded in supporting entrepreneurs to progress the development of their innovative fintech solutions, faster than they would have been able to otherwise, stating that the second cohort, which consists of 12 fintech companies, is an expansion of the achievements of the first fintech accelerator programme in 2021.
During the ceremony, Saudi Aramco Entrepreneurship Centre (Wa’ed), a supporting partner of the fintech accelerator programme, offered the three winning fintech startups a financial grant of SAR 50,000 ($13,312) each, along with an opportunity to enrol in the Centre’s business incubation programme presented, to guide the companies as they look to raise venture investment while growing their businesses.
The Centre 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 advancement of the local entrepreneurship ecosystem.
The programme’s demo day included an exhibition area for fintech companies that participated in the first and second cohorts of the programme.
In the exhibition area, 21 fintech companies showcased their products and solutions to investors, banks, potential partners, other key stakeholders in the entrepreneurship ecosystem, and members of the fintech community.