A Strategic Alliance for Innovation
In an unprecedented move poised to transform the financial technology (FinTech) landscape, Fintech Saudi and Kyndryl have announced a groundbreaking partnership. This collaboration, under the auspices of the Makken program, is not just a business agreement but a beacon of innovation and technological advancement within the Kingdom of Saudi Arabia.
The Power of Partnership
- Fintech Saudi and Kyndryl: A Synergistic Collaboration
- Memorandum of Understanding (MoU) – A Blueprint for Progress
- At the heart of this partnership is a Memorandum of Understanding (MoU) aimed at fostering advanced innovation among homegrown and locally-based entrepreneurs and startups in the burgeoning Saudi FinTech sector. This strategic alignment between a prominent Saudi financial initiative and a leading global IT infrastructure services provider marks a significant milestone in the Kingdom’s digital transformation journey.
- Memorandum of Understanding (MoU) – A Blueprint for Progress
- Makken Program – The Backbone of the Partnership
- Empowering FinTech Startups – A Pathway to Success
- The Makken program, an initiative by Fintech Saudi supported by the Saudi Central Bank (SAMA) and the Capital Market Authority, serves as the foundation of this alliance. This program aims to enable early-stage FinTech companies by providing a range of subsidized services, including cloud technology enablement and cybersecurity facilitation.
- Empowering FinTech Startups – A Pathway to Success
Transforming Saudi Arabia’s FinTech Landscape
- Infrastructure and Support – Nurturing Innovation
- Incubation Platform – Cultivating Technological Excellence
- Kyndryl will offer a secure, cloud-based incubation platform to FinTech startups. This platform is designed to allow startups to focus on developing prototypes and products, while receiving the necessary technical support and resources to transform ideas into viable technological solutions.
- Incubation Platform – Cultivating Technological Excellence
- Community Building – Fostering a FinTech Ecosystem
- Knowledge Sharing and Networking – Building Connections
- Beyond technical support, the partnership envisions co-hosting seminars, events, and workshops. These initiatives aim to nurture knowledge sharing and create networking opportunities within the FinTech community, contributing to the overall growth and success of Saudi Arabia’s financial services sector.
- Knowledge Sharing and Networking – Building Connections
Strategic Impact and Future Prospects
- Alignment with Saudi Vision 2030
- A Step Towards a Diversified Economy
- This partnership aligns seamlessly with Saudi Arabia’s FinTech strategy, an integral part of the Financial Sector Development Program under Saudi Vision 2030. The initiative aims to transform Saudi Arabia into a hub for FinTech innovation and develop infrastructure and talent in the sector.
- A Step Towards a Diversified Economy
- Quantifiable Growth – A Success Story in the Making
- The Rising Tide of FinTech in Saudi Arabia
- The FinTech landscape in Saudi Arabia has witnessed a significant surge, with a 300 percent increase in the number of FinTech companies since 2021, generating revenues of SR2.8 billion ($746.4 million) in 2022. This partnership is expected to further catalyze this growth, making Saudi Arabia a global FinTech powerhouse.
- The Rising Tide of FinTech in Saudi Arabia
Conclusion: A New Era of Financial Technology in Saudi Arabia
The partnership between Fintech Saudi and Kyndryl is more than a collaboration; it’s a strategic maneuver to place Saudi Arabia at the forefront of the global FinTech revolution. By fostering innovation, supporting startups, and building a robust FinTech ecosystem, this alliance is set to redefine the financial services landscape in the Kingdom and beyond.
