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Saudi Fintech Soars with Kyndryl Partnership, Igniting Innovation!

In a landmark move set to reshape the fintech landscape in Saudi Arabia, Fintech Saudi and Kyndryl, the world’s largest IT infrastructure services provider, have inked a historic Memorandum of Understanding (MoU). This strategic partnership is poised to accelerate the adoption of cutting-edge innovations among Saudi Arabia’s homegrown fintech entrepreneurs and startups. Let’s delve deeper into this exciting collaboration and its implications for the Kingdom’s financial technology sector.

Fintech Saudi: A Catalyst for Innovation

Fintech Saudi, established in April 2018 through the collaborative efforts of the Saudi Central Bank (SAMA) and the Capital Market Authority, has been a driving force behind the transformation of Saudi Arabia into a fintech innovation hub. Its mission revolves around developing the fintech infrastructure, enhancing capabilities, nurturing talent, and providing unwavering support to entrepreneurs and startups at every stage of their journey. In just a few years, the fintech landscape in Saudi Arabia has witnessed remarkable growth, with a staggering 300% increase in the number of fintech companies since 2021, generating an impressive SR2.8 billion ($746.4 million) in revenue in 2022.

The Makken Initiative: Empowering Fintech Entrepreneurs

Central to this groundbreaking partnership is the Fintechs Enablement Program, affectionately known as “Makken.” Makken, which translates to “enable” or “empower” in Arabic, is a visionary initiative by Fintech Saudi, backed by SAMA and the Capital Market Authority. The program is designed to expedite the market entry of fintech entrepreneurs and startups, making the process more efficient and effective.

Kyndryl’s Role as an Enabler

Kyndryl, a global IT infrastructure services giant, plays a pivotal role in this collaboration. Under the MoU, Kyndryl will extend its expertise to support fintech startups by offering a secure, cloud-based incubation platform. This platform empowers startups to concentrate on developing their prototypes, use cases, and innovative products and services without being burdened by infrastructure concerns. Kyndryl will provide the technical support and resources to transform innovative ideas into tangible technological marvels.

Fostering Knowledge Sharing and Networking

Beyond the core partnership, Fintech Saudi and Kyndryl are committed to nurturing the fintech community in Saudi Arabia. The collaboration will see the co-hosting of hands-on seminars, events, and workshops, facilitating knowledge-sharing and networking opportunities. This initiative aims to foster an environment of constant learning and modernisation within the fintech ecosystem, ensuring that Saudi Arabia remains at the forefront of fintech innovation.

Andreas Beck, Vice President and Managing Director of Kyndryl Middle East and Africa, expressed his pride at being chosen as an enablement partner for Saudi Arabia’s fintech entrepreneurs and startups. He emphasized the collaborative strength and resource synergy between both organisations, positioning them well to facilitate the development of innovative value propositions across the financial services value chain, addressing customer needs.

Conclusion

The signing of this historic MoU between Fintech Saudi and Kyndryl heralds a new era of fintech innovation in Saudi Arabia. As the Kingdom’s fintech sector continues to flourish, thanks to the support of visionary initiatives like Makken, Saudi Arabia is poised to achieve its strategic objective of “Saudi Vision 2030.” With Fintech Saudi as a catalyst for change and Kyndryl as an enabler, the future looks bright for Saudi Arabia’s fintech entrepreneurs and startups. This collaboration signifies a bold step forward, embodying the spirit of innovation and progress that defines the fintech industry today.

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