08 Dec 2022
SEDCO Holding, a leading investment company, signed an MOU with Fintech Saudi initiative to launch curated programs that aim to support and develop the fast-growing Saudi fintech industry. This comes as part of both entities’ efforts to accomplish the Kingdom’s aspiration in developing the financial sector, in line with Saudi Vision 2030.
Signed by Mohammed Mosly, Chief Operating Officer of SEDCO Holding and Nezar Alhaidar, Director of Fintech Saudi, the memorandum of understanding (MoU) aims to motivate entrepreneurs and SME startups through the launch of curated programs. These programs will help in enhancing financial literacy and awareness, developing skills by providing specialized trainings, workshops and courses, as well as facilitating knowledge sharing between entrepreneurs in the fintech industry.
The partnership is also designed to enable SME startups to gain access to the tools needed to overcome challenges in securing funding and financing during the various stages of their projects’ growth journey; starting from the seed funding to private equity investments that provide support based on creditworthiness, and facilitate the review of accounting cycles and financial statements.
Mosly emphasized that partnering with Fintech Saudi supports SEDCO Holding’s goals of social development and sustainability, as it will pave the way for strengthening the financial capabilities of individuals.
On his part, Alhaidar highlighted that the MoU is part of Fintech Saudi’s efforts which seek to equip entrepreneurs with the required skills in the fintech sector, in addition to supporting and enabling them to establish sustainable fintech companies that have a positive impact on the national economy.
The annual report of Fintech Saudi demonstrated that the number of fintech companies increased by 79% during 2022, compared to last year, which represents an increase of 14.7 times over the previous four years. The volume of investments in the sector in 2022 has amounted to $400 million, with 147 local and international active fintech companies in the Kingdom.
Fintech Saudi was launched by the Saudi 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 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 capabilities and talent required by fintech companies and supporting fintech entrepreneurs at every stage of their development.
As part of its efforts to support the Kingdom’s startup ecosystem, SEDCO Holding is offering “Rowad” program, which aims to enhance financial awareness among entrepreneurs. It offers a comprehensive, integrated plan that highlights the basic principles of financial management, financing and financial resources, accounting, profit and loss accounts, balance sheets, cash flow, and Islamic banking services. The program also taps into types of financing available, the investment preparation process, business and financial models, valuation, due diligence, and investment closure.