The launch of the “accelerator” program to empower Saudi entrepreneurs in financial technology


The launch of the “accelerator” program to empower Saudi entrepreneurs in financial technology

Monday – 18 Safar 1442 AH – October 05, 2020 AD Issue No. [

Riyadh: «Middle East»

The Saudi Fintech Initiative, in cooperation with Flat6labs, announced yesterday the launch of the Fintech Accelerator program for the first time, which aims to support innovation, empower entrepreneurs and increase investment opportunities, as an extension of the efforts made to support and empower the financial technology sector. In Saudi Arabia.
The program works through the Saudi Fintech system and the resources of the Flat Six Labs program to provide up to ten Fintech companies with the best practices, resources and tools they need to develop and expand their businesses based on financial technology solutions.
The program extends for an intensive three-month period aimed at empowering the most innovative and efficient entrepreneurs who demonstrate tremendous potential in the financial technology sector in the Kingdom. The program will also provide the participating companies to deal with investors as well as guide them and train them by professionals known for their exceptional skills. It will also give companies the opportunity to enhance their skills. In offering promotional offers and displaying their innovative solutions at regional and international events.
Saudi Fintech Director Nujoud Al-Malik said, in a statement issued yesterday, that “Fintech Accelerator” is an important event for “Saudi Fintech”, as last year witnessed a threefold increase in the number of fintech companies in the Kingdom, explaining that the accelerator program will provide entrepreneurs with basic skills and support. And the means they need to grow their business in the country’s fintech sector.
On the other hand, the CEO of the Flat Six Labs program, Ramez Al-Serafi, stressed the tremendous shift in the Saudi market’s orientation towards financial technology solutions and non-cash financial systems.
The “Saudi Fintech” initiative was launched by the Saudi Arabian Monetary Agency in partnership with the Capital Market Authority, in an effort to support the development of the financial purification sector in the Kingdom.
Saudi Arabia is witnessing the emergence of a thriving fintech sector, and with an accelerating growth in the sector, between 2017 and 2019. The value of financial technology transactions increased at a rate of more than 18 percent every year, reaching more than 20 billion dollars until 2019, at a time when the values ​​of transactions in the financial technology market in the Kingdom are expected to exceed 33 billion dollars by 2023.


The Saudi economy


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