Fintech Saudi & Kyndryl partner to boost FinTech innovation in Saudi Arabia

By Delisha Fernandes

Fintech Saudi and Kyndryl, an 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.

“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.”

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.”

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.