Saudi Arabia’s Riyad Bank pumps $26.7m into new fintech start-up programme
Riyad Bank, one of the largest financial institutions in Saudi Arabia, has pumped SAR 100 million (US $26.7 million) into it’s own newly-launched fintech start-up investment programme, Argaam reports.
The digital partnership programme is designed to bring together entrepreneurs and technology companies to create new businesses and industries, says the bank which revealed the news at the Fintech 100 conference on the sidelines of the Future Investment Initiative (FII) in Riyadh.
The bank’s CEO Tariq Al Sadhan, who was appointed earlier this year, acknowledged the need to move with the emergence of fintech which is impacting business models and perpetuating the rise of the tech-savvy consumer.
In a bid to accelerate the release of new financial products across Saudi Arabia, Al Sadhan says the fund will also offer research and development (R&D) support for start-ups alongside capital injections.
In light of the Saudi Arabian Monetary Authority (SAMA) granting 14 fintech firms permits to join the bank’s Sandbox experimental environment, the bank has a strong foothold to further define the remits of fintech for the country.
Last April, the SAMA launched Fintech Saudi, an initiative which instigated the development of the fintech industry across the kingdom.