Riyad Bank Launches New Fintech Fund
SOURCE: Ashraq Al-Awsat
Riyad Bank has announced on Tuesday the launch of its Digital Partnership Program and its association with a venture capital fund of SR 100 million ($ 26.6 million). The program aims to forge strategic partnerships with entrepreneurs and technology companies, provide solutions and support in the field of financial technology, and create new industries and innovative business models.
The conference themed “Fintech 100” was held on the sidelines of the Future Investment Initiative 2019 in Riyadh.
Riyad Bank CEO Tariq Al Sadhan said that the proliferation of technology has fueled the emergence of fintechs, which have impacted business models and increased tech-savvy customers.
He added that the bank is partnering with digital startups and entrepreneurs to enhance digital services and expedite the process of launching new products.
Sadhan also noted that the fund aims at empowering innovation and supporting entrepreneurs through Research and Development (R&D), in addition to the funds.
He concluded that the Fintech Fund will be looking into defining a proper mechanism for the Sandbox experimental environment and further support entrepreneurship.
Saudi Arabian Monetary Authority (SAMA) has granted 14 fintech firms permits to join the Sandbox experimental environment for offering fintech services.
The Public Investment Fund (PIF) is organizing the third annual Future Investment Initiative 2019 (FII) themed ‘What is next for global business?’, under the patronage of Saudi Arabia’s King Salman, from October 29th to 31st 2019 in Riyadh.
FII aims to explore the latest innovations, opportunities, and challenges shaping the global investment landscape, as well as emerging businesses covering a range of sectors, including energy, banking, technology, transportation, entertainment, sports, and healthcare.
Many analysts and experts have previously stated that the Saudi Vision 2030 will help establish the Public Investment Fund as one of the leading Sovereign Wealth Funds on the global level.