The collaboration between Fintech Saudi and Kyndryl aims to help entrepreneurs adopt advanced technologies for efficient go-to-market strategies.
Fintech Saudi and Kyndryl, an IT infrastructure services company, 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 industry.
The collaboration is part of Fintech’s Enablement Program, an initiative by Fintech Saudi and supported by the Saudi Central Bank 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”.
Andreas Beck, Vice President and Managing Director of Kyndryl Middle East and Africa, said, “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. Through the collaborative efforts of both organisations 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.”
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 modernisation within the FinTech community.
In the presence of the leadership team from both organisations, 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.
