Saudi authority launches Fintech Accelerator Program with Flat6Labs

Fintech Saudi has launched the Fintech Accelerator Program in collaboration with Flat6Labs.

The program will take in up to ten fintech companies over a three-month period, according to a statement from Fintech Saudi.

It will leverage Fintech Saudi’s market reach and Flat6Labs’ resources.

Fintech Saudi director Nejoud Al Mulaik said there was a threefold increase in the number of fintech companies in the country in the past year.

“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,” said the statement.

Fintech Saudi was launched by the Saudi Arabian Monetary Authority in partnership with the Capital Market Authority in April 2018.

Flat6Labs is a regional start-up accelerator and seed investment management company.

To take part in the Fintech Accelerator program, fintechs must have developed fintech solutions that display a clear interest in the Saudi market and have the ability to transform the sector. Participating fintechs must also be registered as private companies, have validated business models with existing users, and have generated income over the past three months.

Companies have until Oct 22 to apply to participate in the program.

© SalaamGateway.com 2020 All Rights Reserved