Fintech Saudi brings Kyndryl on board for Makken program

04 January 2024 1 min. read

Fintech Saudi has penned a memorandum of understanding with Kyndryl, aimed at accelerating the adoption of advanced technology solutions in the Kingdom’s burgeoning fintech industry.

Under the terms of the collaboration, Kyndryl will support fintechs by providing a secure, cloud-based incubation platform. With Kyndryl providing this support, fintechs will be able to concentrate on their core focus – developing tech-based products and services that add value to the financial services sector and consumers.

The US-based company, a spin-off from IBM, will also support knowledge sharing within the fintech community at events organised by Fintech Saudi.

Fintech Saudi brings Kyndryl on board for Makken program

“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,” said Andreas Beck, Vice President and Managing Director of Kyndryl in the Middle East and Africa.

“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,” he added.

For Fintech Saudi, the agreement is part of a fintech enablement program known as Makken, an initiative supported by the Saudi Central Bank, known as SAMA, and the Capital Market Authority.

Launched late December, Makken (which means empower) is a program designed to support entrepreneurs and startups in Saudi Arabia’s fintech industry through financial support and a comprehensive suite of advisory and coaching services. Kyndryl joins a list of partners, including cloud partner Deloitte.

Makken aligns with the Kingdom’s fintech strategy, a core element of the Financial Sector Development Program under the broader framework of Saudi Vision 2030.