Arab National Bank celebrates the graduation of the first batch of the “anb Innovate FinTech Accelerator” program
In continuation of its pioneering role in supporting and stimulating the innovation system and enabling digital transformation in the financial sector, Arab National Bank celebrated the graduation of the first batch of the “anb Innovate FinTech Accelerator” program, which comes within a promising partnership between the bank and… "Facilities" FinTech Saudi Arabia and Plug and Play.
The launch of this program was part of the bank’s efforts to support emerging companies and enable them to grow and expand locally and internationally, through guidance, financing opportunities, and linking them with investors and partners from various regulatory and banking bodies. The program resulted in empowering 16 emerging financial technology companies, including 66% Saudi and 33% international, that benefited from financing opportunities, building partnerships, and expanding the scope of their business inside and outside the Kingdom.
Mr. Obaid bin Abdullah Al-Rasheed, Managing Director and CEO of Arab National Bank, expressed the bank’s pride in completing this program aimed at supporting the financial innovation environment in the Kingdom and empowering the next generation of innovators in the field of financial technology, noting: " The program contributed to strengthening the concept that true digital transformation is not based on technology alone, but rather on partnership, integration, and a shared vision"Al-Rashid added: " Since the launch of the program, we have been keen to make it a practical platform that combines banking expertise and technical innovation, and opens new horizons for developing business models that enhance the future of financial services in the Kingdom, in line with the goals of Saudi Vision 2030 and the financial sector development program.”
Al-Rasheed thanked the program. "Facilities"the strategic partner, Plug and Play, the executive partner, and Fintech Saudi Arabia for their vital role in the success of the program, praising the graduates of this batch who embodied the spirit of innovation and ambition and contributed to enriching the financial technology system in the Kingdom.
For his part, Mr. Omar Al-Aqeel, CEO of the Digital Office at Arab National Bank, explained that the program represented a qualitative leap in supporting and empowering financial technology companies, noting: " Through this program, we were able to build bridges of cooperation between banks and startups, as the relationship transformed from competition to partnership. This resulted in the signing of more than 20 agreements and memorandums of understanding, and the closing event attracted more than 30 venture capital (VC) funds and 400 participants on the final demo day, recording a satisfaction rate exceeding 95% of participants. A precise, multi-stage evaluation process, so that they can obtain guidance, financing, and partnership opportunities.”
The ceremony concluded with honoring the partners, supporters, and participating entrepreneurs by the Arab National Bank, which is considered one of the pioneers in the field of business incubators in the financial sector, as it was able to connect with more than 70% of financial technology companies in the Kingdom, through various initiatives that contributed to enhancing the innovation environment, supporting entrepreneurs, and enabling them to build sustainable business models that contribute to the growth of the national economy.
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