Riyadh - Exclusive Sharikat Mubasher: The Riyadh-based fintech company Drahim harnessed open banking technology to directly connect customers with their bank accounts, providing them with tailored-made long-term investment options, Co-Founder and CEO Sultan Alkhayal told Sharikat Mubasher.

In an interview held on the sidelines of 24 Fintech conference, Alkhayal revealed that Drahim processes 90% of investment transactions within one to three days.

He noted that the company signed agreements with Derayah Financial and Alistithmar Capital and plans to partner with Jadwa Investment as part of its strategy to expand its network to include financial companies, along with banks.

Commenting on Drahim’s partnership with Alrajhi Bank, Alkhayal said that the company will leverage the bank’s proven capabilities to enhance its business across various aspects, including governance, innovation, and customer reach.

Recently, Alrajhi Bank concluded an agreement to acquire a 65% stake in Drahim to become the first Saudi bank to acquire a majority stake in a Saudi fintech startup.

Alkhayal elaborated that Drahim was one of the first companies to provide open banking solutions under the regulatory sandbox of the Saudi Central Bank (SAMA) and the first to offer Capital Market Authority’s (CMA) robo-advisory service in the Kingdom.

The official emphasized that SAMA’s regulatory sandbox and CMA’s regulations empowered Drahim to provide its services and products to companies and individuals.

24 Fintech is a premier fintech event that took place in Riyadh from 3 to 5 September with the participation of over 300 exhibitors and more than 350 investors.

It gathered regulatory bodies, policymakers, investors, technology experts, and industry leaders from around the world 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.