SAMA, CMA launch Makken to empower fintech startups

NOHA.GAD
Dec 18, 2023

Riyadh - Sharikat Mubasher: The Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) launched the Fintech Enablement Program (Makken) designed by Fintech Saudi to empower entrepreneurs and startups in the fintech industry.

The program was launched by SAMA’s Governor Ayman Alsayari and CMA’s Chairman Mohammed Elkuwaiz in a ceremony held by Fintech Saudi in Riyadh.

Makken aims to empower 150 Saudi fintech startups over three years by providing subsidized support for technology, cloud, and cybersecurity.

In his speech, Alsayari stated that launching Makken underscored the efforts of SAMA and CMA to foster and scale the fintech ecosystem in the Kingdom, in line with the Financial Sector Development Program (FSDP).

He added that the Kingdom is currently witnessing significant changes across several sectors, notably the fast-growing fintech as the number of fintech companies in the Kingdom hit 207 in November compared to 147 by the end of 2022, making a 40% increase.

Alsayari noted that the Saudi fintech sector created around 3,000 direct jobs since the beginning of 2023, raising the total jobs number to over 5,000 by the end of the third quarter of 2023.

Furthermore, the program is a testament to Fintech Saudi’s commitment to achieving the strategic goals of the FSDP and Vision 2030 to transform the Kingdom into a global fintech hub and an attractive destination for innovators and investors.

Makken enables early-stage fintech companies by providing a comprehensive range of subsidized services including cloud technology enablement, cybersecurity facilitation, and infrastructure subsidy.


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