Fintech Saudi and Kyndryl have signed a memorandum of understanding to help accelerate the adoption of advanced innovation among Saudi Arabia’s entrepreneurs and startups in the fintech industry. The collaboration is part of the Fintech Enablement Program (Makken), an initiative by Fintech Saudi and supported by the Saudi Central Bank and the Capital Market Authority. The program aims to help fintech entrepreneurs and startups go to market faster and more efficiently. According to SAMA’s annual fintech report, the number of fintech companies operating in Saudi Arabia has increased by approximately 300% since 2021, generating a total revenue of SR2.8 billion ($746.4 million) in 2022. 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 to nurture knowledge sharing, networking opportunities, and modernization within the fintech community.
Fintech Saudi and Kyndryl: Empowering the Kingdom through Partnership.
