Fintech has not only emerged as a key economic driver in Saudi Arabia but also as a national priority and major focus of Vision 2030. To support the sector’s growth, AstroLabs has been working closely with governmental entities in the financial space to steer rapid development.
Our latest endeavor, the Fintech Bootcamp, held in collaboration with The Financial Academy, Monshaat, and Fintech Saudi, reflects an ongoing commitment to spur innovation in the growing Saudi fintech sector, marked by skyrocketing digital payment adoption.
Besides being an innovation anchor, the Fintech Bootcamp provides a glistening example of the pivotal role that cross-sector collaborations can play in shaping the future of financial technology in the country as it rapidly advances towards an innovation-led economy.
Following a successful debut last year, the Fintech Bootcamp just concluded its second cohort, adding more talents to the fast-growing industry.
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Empowering the Next Generation of Fintech Talents in Saudi Arabia
The overarching aim of these alliances promoted by the Fintech Bootcamp is to leverage each party’s unique strengths and competencies to equip early fintech talents with the tools and knowledge needed to develop market-ready products. With a laser focus on emerging technology, the program’s positive outcomes will play a crucial role in actualizing Vision 2030’s objectives to have at least 525 fintech companies in Saudi Arabia by 2030 to create 18,000 job opportunities.
Speaking of AstroLabs’ substantial involvement in the Fintech Bootcamp, Mohammed Alhamazany, chief of capability development at the Financial Academy, remarked: “There was a tremendous effort done throughout the program. [AstroLabs’] dedicated coaching, which helped build the whole program’s narrative, further enhanced the experience of the demo day through the graduation day.”
In the words of Alhamazany, the Fintech Bootcamp is designed to provide the market with solutions that can tackle existing industry-wide challenges or evolve into groundbreaking products. He further said that this program helps build trust and instill confidence among young professionals.
The Bootcamp’s second cohort largely expands on the foundation laid by the first, covering foundational skills that empower emerging talents to take a leap forward and unlock their fuller potential.
“One of the learnings we had from last year was that when you put simple ideas in a robust training program that challenges its viability, it becomes a very strong one that can evolve into a business model with high relevance to the Saudi market, whether in terms of understanding customer segmentation or building a competitive edge,” Alhamazany added.
“Hopefully, one or two of them are going to be a million-dollar idea in the Saudi market.”
The success of the program is reflected in the maturity of the products from this year’s cohort, argued Alhamazany, adding: “The ideas we have seen today are different from what we saw last year, focusing on areas like insurance, credit, and financial literacy. These topics hold great significance in the context of Vision 2030.”
The Fintech Bootcamp adds to the growing portfolio of initiatives undertaken by AstroLabs alongside its Saudi partners from the private and public sectors aimed at uplifting the digital economy in Saudi Arabia, particularly the fintech realm.
By nurturing local talents and leveraging the strength of cross-sector partnerships, the Fintech Bootcamp not only serves as a spectacle of innovation, but it sits at the core of a highly localized fintech ecosystem and increasingly cashless society.
It comes timely too – the fintech sector in the region has been ramping up at an accelerated rate. The recent acquisition of tweeq by Tabby and Saudi-based Malaa’s recent fundraise of $17.3 million for its Series A round are two prime examples of the sector leaping to its next stage of growth.
Cross-sector Collaborations Foster Meaningful Innovation in Fintech
The Fintech Bootcamp acts as an ecosystem aggregator of key stakeholders, creating a stellar platform for collaboration, knowledge sharing, and expertise exchange in the Saudi fintech sector.
Leveraging its extensive network and expertise in building the Kingdom’s financial and banking sectors, AstroLabs has been providing valuable guidance and mentorship throughout the five-week Bootcamp.
Highlighting the significance of the Fintech Bootcamp in supporting the future of the Saudi fintech sector, Fouad Fattal, vice president of key accounts at AstroLabs, said: “The rapid developments seen in the Saudi fintech sector reflect the growing importance of nurturing emerging talents with the skills and expertise that align with the country’s ambitions to become a global fintech powerhouse.”
In just a few years, the local fintech sector has witnessed exponential growth both in terms of funding invested in fintechs in Saudi Arabia and the rising number of global fintechs making inroads into the country.
Fintech Saudi, since its launch in 2018, has been a catalyst of growth in the local space, creating several initiatives, programs, and events that contributed to a 20-fold increase in the number of fintechs operating in the company over the period from 2018 to 2023.
Funding poured into Saudi Arabia-headquartered companies exceeded $1.84 billion over the same time.
As the fintech sector continues to expand, initiatives like the Fintech Bootcamp become an integral part of the Kingdom’s vibrant tech landscape, contributing to the country’s emergence as a global innovation hub.
Unlock the Saudi fintech market potential and contact AstroLabs to obtain expert guidance on the best strategies to accelerate Saudi market expansion.