Fintech Saudi and Kyndryl (NYSE: KD), have signed a memorandum of understanding (MoU) to help accelerate the adoption of advanced innovation among Saudi Arabia’s home-grown and locally based entrepreneurs and startups in the financial technology (fintech) industry.
The collaboration is part of Fintechs Enablement Program (Makken), an initiative by Fintech Saudi and supported by Saudi Central Bank (SAMA) and the Capital Market Authority. It is aimed at helping fintech entrepreneurs and startups go to market faster and more efficiently. The program closely aligns with the Kingdom’s fintech strategy, which is part of the pillars of the Financial Sector Development Program, that supports the strategic objective of “Saudi Vision 2030”. Makken is a verb in Arabic that means “to enable” or “to empower.”
Launched in April 2018 by SAMA in collaboration with the Capital Market Authority, Fintech Saudi serves as a catalyst for the Kingdom’s fintech industry development. It aims to transform Saudi Arabia into an innovative fintech hub, facilitate infrastructure, capabilities and talent development, and provide support to entrepreneurs and startups throughout their developmental stages. According to SAMA’s annual fintech report, the number of fintech companies operating in Saudi Arabia has increased by approximately 300% since 2021, generating a total revenue of SR2.8 billion ($746.4 million) in 2022.
Under the MoU, Kyndryl aims to support fintech entrepreneurs and startups by providing a secure, fully managed, cloud-based incubation platform so that startups can focus on developing prototypes, use cases, and products and services prior to seeking funding. Throughout the incubation period, Kyndryl will provide technical support and additional resources to help transform ideas into viable, real-world technological innovations.
Additionally, Fintech Saudi and Kyndryl will co-host hands-on seminars, events, and workshops aimed at nurturing knowledge sharing, networking opportunities, and the promotion of modernization within the FinTech community.
“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 Saudi and Andreas Beck, Vice President and Managing Director, Kyndryl Middle East and Africa.
