SAMA and CMA select Deloitte for Fintech Saudi’s Makken program

SAMA and CMA select Deloitte for Fintech Saudi’s Makken program

Saudi Arabia’s central bank (SAMA) and Capital Market Authority (CMA) have launched a new financial technology program called Makken to support and develop the fintech sector in the Kingdom. Deloitte serves as the program’s key partner.

Formally inaugurated last week at a launch ceremony, Makken (which means empower) is a program designed to support entrepreneurs and startups in Saudi Arabia’s fintech industry through financial support and a comprehensive suite of advisory and coaching services.

Makken aims to empower 150 emerging fintech companies over a three-year period, directly contributing to the further growth of Saudi Arabia’s financial services landscape.

The program is overseen by Fintech Saudi, an initiative by SAMA and CMA that aims to build a thriving and responsible fintech ecosystem in the Kingdom. The investment meanwhile falls under the umbrella of the Financial Sector Development Program.

Saudi Central Bank Governor Ayman Al-Sayari said at the launch ceremony that fintechs are a crucial contributor to the development agenda within financial services. He noted that fintechs drive innovation and digitization across the landscape, including on topics such as open banking, open finance, payments, customer-focused banking solutions, decentralized finance, and more.

Further reading: One fifth of Middle East bank holders now use FinTech solutions.

Al-Sayari added that fintechs