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  1. Mubasher News
  2. Kafaa Capital bets on ‘Open Banking’ to enhance Saudi fintech scene

Kafaa Capital bets on ‘Open Banking’ to enhance Saudi fintech scene

GHADA.ISMAIL
Oct 28, 2024
Kafaa Capital is a Saudi platform specialized in offering of debt and Sukuk instruments to investors

Riyadh – Exclusive Sharikat Mubasher: Kafaa Capital, a Saudi platform for sukuk financing and investment, licensed by the Capital Market Authority (CMA) to arrange the offering of debt and Sukuk instruments to investors, and provides post-offering services such as custody of debt instruments and trust services.

Yousef Alzamea, Founder of Kafaa Capital told Sharikat Mubasher, on the sidelines of Seamless Saudi Arabia 2024 that the company mainly focusses on finding attractive investment opportunities for investors, as well as providing funding channels for small and medium businesses and real estate projects.

Supported by The Saudi Central Bank (SAMA), the Capital Market Authority (CMA), the Ministry of Finance, and 24 Fintech, Alzamea thinks that the fintech sector managed to capture the attention of investors from outside the Kingdom, in addition to a big demand from users of fintech tools.

Alzamea highlighted the newest trends to the fintech arena, on top of them is the ‘Open Banking’ , a financial services concept that allows third-party financial service providers to securely access a bank's customer data—like transaction history, balances, and spending patterns—with the customer's explicit consent.

Alzamea expressed his hopes that this concept leads to better adoption of ‘Open Financing’ in companies, which enables Kafaa Capital to provide wider range of services including collecting debts, and offering various financing instruments.

Seamless Saudi Arabia 2024, a landmark event in the realm of digital commerce, fintech, and retail, was held in Riyadh from 22 to 24 October, gathering industry leaders, decision-makers, small and medium-sized enterprises (SMEs), startups, and government representatives from around the world.

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