Dare to Thrive: BIM, SC Ventures Revolutionize Digital Transformation in Saudi Arabia
BIM Ventures, the Saudi Venture Studio, has signed an agreement with SC Ventures on the sidelines of the 24 Fintech conference in Riyadh, reported Arab News.
Outstanding Deal
The agreement aims to revolutionize digital transformation in Saudi Arabia and advance the growth of innovative startups in line with the bold objectives of Saudi Vision 2030. The deal provides an exceptional blend between SC Ventures’ global expertise and BIM Ventures’ regional market insights.
Therefore, it stands as a fundamental turning point in creating innovative technological solutions that accelerate progress in various sectors such as fintech, property, and investment technology.
Promising Objectives
“We’re announcing an MoU with BIM Ventures, which is a venture building lab located here, looking forward to essentially building businesses in this particular market, and we both bring very, different things to the table, obviously, but in the same time, very much often of an alignment of mindset in terms of how we building things,” Alex Manson, CEO of SC Ventures told Arab News in an interview.
Both companies will collaborate together to address major industry challenges and pioneer sustainable regional growth by developing and scaling new ventures. The MoU even goes beyond funding new ventures; it can be regarded as a comprehensive approach to building and scaling startups.
“I expect we’re going to be very much present in Saudi, specifically with building a business, looking for partners as I speak. That’s why I’m here today,” Manson said.
Localizing Banking Technology
Mohamed Amine Merah, managing partner and CEO of BIM Ventures, described the deal as a strategic step towards localizing global expertise in banking and financial technology in order to meet the needs of the Saudi market.
“We will build and invest in joint projects to develop innovative financial solutions, increase the Saudi market’s attractiveness to investors, and contribute to sustainable economic growth,” Merah added.
Gender Diversity
During the interview, Manson tackled gender diversity theme and explained that startups with male and female co-founders tend to excel and flourish in fundraising.
“I would expand the point of diversity by saying that it’s gender diversity. It’s background diversity. it’s different ways of thinking, and making sure of that, but someone else can come and complement you, and so mixing up different people with very different backgrounds, gender included, but not limited to, that is where the magic happens,” Manson added.
He also indicated that the ventures that include individuals with different backgrounds are more capable of performing better in their businesses.
24 Fintech Conference
Saudi Arabia has recently inaugurated the 1st edition of the International Conference on Financial Technology “24 FinTech” in Riyadh, unfolding a new unique chapter to promote the digital economy and improve the quality of services.
Since the launch of Saudi Vision 2030, the Kingdom has wildly accelerated the pace of transformation to advance the digital economy, ensure the sustainability of its growth, and keep in line with the rapid development technologies.
Therefore, the Vision has clearly outlined the Financial Sector Development Program as one of the significant programs to successfully achieve the great vision of 2030.
Consequently, the program launched the executive plan for the financial technology strategy more than two years ago to position the Kingdom as a global center for financial technology.
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