Fintech Saudi has signed a memorandum of understanding (MoU) with IT infrastructure services company Kyndryl towards forging an enablement partnership in Saudi Arabia.

The MoU is aimed at expediting the adoption of advanced innovation among homegrown and locally-based entrepreneurs and startups in Saudi Arabia’s fintech industry. 

The partnership is a component of the Fintechs Enablement Program (Makken), an initiative led by Fintech Saudi and endorsed by the Saudi Central Bank (SAMA) and the Capital Market Authority. Its objective is to assist fintech entrepreneurs and startups in reaching the market swiftly and efficiently.

The programme is closely aligned with Saudi Arabia’s fintech strategy, a key aspect of the Financial Sector Development Program supporting the strategic goal outlined in “Saudi Vision 2030.”

Introduced in April 2018 through a partnership between SAMA and the Capital Market Authority, Fintech Saudi plays a pivotal role in driving the development of the fintech industry in Saudi Arabia.

Fintech Saudi’s objectives include the transformation of Saudi Arabia into a thriving fintech hub, the enhancement of infrastructure capabilities and talent development, and the provision of support to entrepreneurs and startups at various stages of their growth.

In line with the MoU, Kyndryl intends to assist fintech entrepreneurs and startups by offering a secure, fully managed, cloud-based incubation platform. This platform enables startups to concentrate on developing prototypes, use cases, and products and services before seeking funding.

Throughout the incubation phase, Kyndryl will provide technical support and additional resources to facilitate the transformation of ideas into practical, real-world technological innovations.

Furthermore, Fintech Saudi and Kyndryl will collaborate in hosting interactive seminars, events, and workshops. These initiatives are designed to foster knowledge sharing, create networking opportunities, and advocate for modernisation within the fintech community.

Kyndryl Middle East and Africa vice president and managing director Andreas Beck said: “We are proud to be chosen as an enablement partner for Saudi Arabia’s fintech entrepreneurs and startups and have the opportunity to contribute to the growth of the financial services sector in Saudi Arabia.

“Through the collaborative efforts of both organisations leveraging their strengths and resources, we are well-positioned to facilitate the development of innovative value propositions across the financial services value chain, addressing customer needs.”

Recently, Kyndryl signed a contract with Unicaja Banco to speed up the Spanish financial institution’s technological transformation.