In a significant move to foster innovation in the financial technology sector, the Social Development Bank (SDB) of Saudi Arabia has officially launched the Fintech Hub program. This initiative is developed in partnership with the United Nations Conference on Trade and Development (UNCTAD) and the Empretec program, in collaboration with the supporting partner, Fintech Saudi. This pioneering program aims to empower the next generation of leaders in the fintech industry.
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Program Overview
The Fintech Hub program was held from September 8 to 12 in Riyadh, focusing on enhancing the innovation landscape in financial technology. The primary goal is to create a robust economic ecosystem that supports emerging startups and ambitious entrepreneurs, providing them with essential resources and knowledge to thrive.
Benefits for Participants
Participants in the Fintech Hub program gain valuable insights into the latest trends in financial technology. They are equipped with the knowledge and tools necessary to refine their projects and achieve long-term, sustainable success. This initiative highlights SDB’s commitment to collaborating with key stakeholders in the fintech ecosystem, including Fintech Saudi, which plays a crucial role in fortifying the financial technology framework in the Kingdom.
Training and Development
The program features training sessions led by certified trainers from the Empretec program, alongside global entrepreneurs in the fintech space. These sessions are designed to familiarize participants with cutting-edge technologies and innovations, enabling them to adapt to market changes. Moreover, participants learn how to develop effective, sustainable business models that align with consumer needs and contribute to economic growth.
Context and Background
The Fintech Hub program builds upon the foundations laid by the ‘Fintech Saudi’ initiative, launched in April 2018 by the Saudi Central Bank in collaboration with the Capital Market Authority. This initiative serves as a catalyst for the growth of the fintech industry in Saudi Arabia, demonstrating the country’s commitment to advancing its financial services sector through innovative technology solutions.
This launch marks a significant step in positioning Saudi Arabia as a leader in the global fintech landscape, fostering an environment that nurtures innovation and entrepreneurship in financial services.
