- The partnership aims to provide entrepreneurs with the necessary knowledge and tools to secure financing and financing at various stages of a project’s growth journey
- Creates new opportunities for investors and entrepreneurs in the fintech industry to develop, expand and sustain their business
- According to the “Fintech Saudi” 2022 annual report, the investment volume in the fintech industry has reached $400 million, with 147 local and international active fintech companies in the Kingdom
Jeddah: SEDCO Holding, a leading investment company, signed an MoU with the Fintech Saudi initiative to launch curated programs aimed at supporting and developing the rapidly growing Saudi fintech industry. This comes as part of both entities’ efforts to achieve the Kingdom’s ambition to develop the financial sector, in line with Saudi Vision 2030.
The memorandum of understanding (MoU) is signed by Mohammed Mosly, Chief Operating Officer of SEDCO Holding and Nezar Alhaidar, Director of Fintech Saudi, and aims to motivate entrepreneurs and small and medium-sized enterprises through the launch of curated programs. These programs will help increase financial literacy and awareness, develop skills by offering specialized training, workshops and courses, as well as facilitate knowledge sharing between entrepreneurs in the fintech industry.
The partnership is also designed to enable SME startups to access the tools needed to overcome challenges in securing funding and financing during the various stages of their projects’ growth journey; from seed funding to private equity investments that provide support based on creditworthiness and facilitate the review of accounting cycles and accounting.
The annual report of Fintech Saudi showed that the number of fintech companies increased by 79% during 2022, compared to last year, which represents an increase of 14.7 times during the previous four years. The volume of investments in the sector in 2022 has amounted to 400 million dollars, with 147 local and international active fintech companies in the Kingdom.
Fintech Saudi was launched by the Saudi Arabian Central Bank in partnership with the Capital Market Authority to act as a catalyst for the development of the financial services technology (fintech) industry in Saudi Arabia. Fintech Saudi’s ambition is to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem. They seek to achieve this by supporting the development of the infrastructure required for the growth of the fintech industry, building capacities and talent required by fintech companies and supporting fintech entrepreneurs at all stages of their development.
As part of its efforts to support the Kingdom’s startup ecosystem, SEDCO Holding offers a “Rowad” program, which aims to raise financial awareness among entrepreneurs. It offers a comprehensive, integrated plan that highlights the fundamental principles of financial management, financing and financial resources, accounting, income statement, balance sheet, cash flow and Islamic banking. The program also takes into account the types of financing available, the investment preparation process, business and financial models, valuation, due diligence and investment closing.
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