FinaMaze, a hybrid asset manager regulated by the Abu Dhabi Global Market (ADGM), will push into Saudi Arabia by participating in the Fintech Saudi regulatory accelerator programme, as the kingdom seeks to boost the growth of companies in the financial services industry.
Fintech Saudi was launched in April 2018 by the Saudi Central Bank, in collaboration with the Capital Markets Authority, to support the development of the FinTech industry in the kingdom. The initiative falls under Saudi Arabia's financial sector development programme, in line with its Vision 2030.
With this selection, the UAE asset management company will become a part of Fintech Saudi’s ecosystem, which develops programmes to encourage the growth of the financial services technology industry in the country, FinaMaze said on Tuesday.
“After our development in the ADGM, FinaMaze grows beyond the borders,” said Mehdi Fichtali, chief executive and founder of FinaMaze.
“In Saudi Arabia, we will develop our strategic presence under the guidance of Fintech Saudi and the Capital Market Authority.”
The FinTech industry in Saudi Arabia has grown significantly in recent years.
Between January and August 2021, the kingdom registered 16 venture investments in FinTech with a total deal value of $157.2 million, figures compiled by Fintech Saudi show. This is a significant increase from 2020, when there were seven venture investments worth $7.8m and 2019, with six venture investments worth $18m.
Fintech Saudi has the aim of transforming the kingdom into a FinTech hub by supporting infrastructure development required for the industry’s growth, building capability and talent required by FinTech companies, and supporting FinTech entrepreneurs at every stage of their development, the statement said.
Meanwhile, FinaMaze started offering prime retail investors access to its algorithm-powered portfolios across a range of asset classes in November. It defines prime retail investors as those who invest a minimum of $2,000. Previously, only professional investors had access to the wealth manager’s investment products.