Fintech Saudi signs MoU with Kyndryl to enable fintechs in Saudi Arabia

Fintech Saudi signs MoU with Kyndryl to enable fintechs in Saudi Arabia

Fintech Saudi and Kyndryl, the world’s largest IT infrastructure services firm, have signed a memorandum of understanding (MoU) to support fintech entrepreneurs and startups.

The MoU will help accelerate the adoption of advanced innovation among Saudi Arabia’s home-grown and locally based entrepreneurs and startups in the financial technology industry.

The collaboration is part of Fintechs Enablement Programme (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.

Fintech strategy

The programme closely aligns with the kingdom’s fintech strategy, which is part of the pillars of the Financial Sector Development Programme, 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