Riyadh - Exclusive Sharikat Mubasher: 1957 Ventures, a newly launched venture builder backed by Riyad Bank, plans to invest around SAR 800 million to nurture startups in Saudi Arabia, CEO Emad Kashgari told Sharikat Mubasher during the 24 Fintech summit.

He noted that the company will allocate these investments to fintech startups, with plans to cover other sectors within the upcoming period.

Kashgari emphasized the company’s commitment to promoting the growth of the fintech industry, in alignment with the objectives of Vision 2030 and the Financial Sector Development Program (FSDP).

In August, the 1957 Ventures Fund launched the 1957 Ventures Company to foster innovation in the fintech sector in the Kingdom.

24 Fintech takes place in Riyadh from 3 to 5 September, with the participation of more than 300 exhibitors and over 350 investors. It gathers regulatory bodies, policymakers, investors, technology experts, and industry leaders from around the world.

It serves as a platform for global thought leaders across finance, policy, technology, investment, and academia to discuss several topics, including, fintech regulation and governance, artificial intelligence and machine learning in financial operations, financial inclusion, cybersecurity and big data, embedded finance, and more.