Source: Fintech News Middle East

Powered by startup accelerator Flat6Labs, Fintech Saudi is launching its Fintech Accelerator, an intensive 3-months innovation and entrepreneurship programme. 

The programme brings together Fintech Saudi’s market reach and Flat6Labs’ resources to provide up to ten fintech startups with the best practices, resources, and tools they need to develop and scale their solution-driven businesses. 

With the launch of the Fintech Accelerator programme, Fintech Saudi aims to empower innovative entrepreneurs who display potential within the local fintech industry. The programme will offer the companies exposure to investors and provide them with mentorship and coaching from renowned professionals with an array of skill sets.

They will also be given the chance to enhance their pitching skills and showcase their solutions at regional and global events. 

To take part in the programme, the startups must have developed innovative fintech solutions that display a clear interest in the Saudi market and have the ability to make a difference in the sector.

Participating fintech startups should also be registered as private companies, have validated business models with existing users, and generated income over the past three months. 

Interested parties can apply to be a part of the programme through Fintech Saudi’s website until the 22nd October, 2020.

“The Fintech Accelerator is an important milestone for Fintech Saudi. Over the last year we have seen a threefold increase in the number of fintech companies operating in Saudi Arabia and we want this trend to continue and contribute to the goals of Saudi Vision 2030. We are therefore delighted to collaborate with Flat6Labs to launch the Fintech Accelerator programme that will provide entrepreneurs with the key skills, support and access they need to grow their fintech business in the Kingdom,” said Nejoud Al Mulaik, Director of Fintech Saudi. 

Fintech Saudi is an initiative launched by the Saudi Arabian Monetary Authority (SAMA), in collaboration with the Capital Market Authority (CMA), that seeks to support development of the fintech industry in Saudi Arabia.

Saudi is witnessing the emergence of a thriving fintech ecosystem, with the local fintech industry growing at a rapid rate. Between 2017 and 2019, the value of fintech transactions increased at a rate of over 18% each year, reaching over USD 20 billion in 2019. The fintech market in Saudi Arabia is expected to reach transaction values of over USD 33 billion by 2023.