Riyadh: The World Fintech Show has witnessed the launch of new ventures Holoul and Leza'am by Fintactics, which also signed partnership agreements with Aion Digital and Bitfy Holdings.
The event, which kicked off on 5 December in Riyadh, also witnessed the launch of Fintactics Studio to shape the future of fintech in the Kingdom, according to a press release.
Launch of Fintech Holoul
Fintactics has launched its venture Holoul as a digital mortgage platform that helps in facilitating and endorsing homeownership, being in line with the Saudi residents' Vision 2030.
The mortgage market in Saudi Arabia is evolving at a rapid pace, while the results are seen very positive.
The signing included the Founder and CEO of Holul Venture, Basil Al Shamlan, in addition to Fintactics’ CEO, Haitham Al Sahafy, as well as the Managing Partner, Mohammed Al Maghlouth.
Launch of Regulatory Technology (RegTech) Leza’am
Leza’am is a joint venture (JV) between Fintactics and Aion Digital that was launched during the two-day event, as a solution for the requirements of enterprises in terms of a fully digital onboarding experience to lead customers through their onboarding process. This is also to meet the growing demand for business resilience requirements and consumer expectations.
The signing of the partnership included Fintactics’ CEO as well as its Managing Partner, in addition to Aion Digital’s Chairman, Abdulatif Al Rajhi, and its Founder and CEO, Ashar Nazim.
Partnership Agreement between Fintactics and Bitfy
Fintactics has invested in Bitfy, a Brazilian-based venture pioneering Blockchain as a Service, to offer tokenisation of illiquid assets.
The collaboration between Fintactics and Bitfy aims to accelerate the adoption of distributed ledger technologies (DLT) both in financial and non-financial verticals in Saudi Arabia.
Fintactics will be able to localise blockchain tokenisation and securitisation technologies of physical and illiquid assets, with the cooperation of relevant regulatory bodies in the Kingdom; the Capital Market Authority (CMA) and the Saudi Central Bank (SAMA).
The signing included Fintactics’ Al Sahafy and Al Maghlouth, as well as Bitfy’s Founder and CEO, Lucas Schoch.
Partnership Agreement of Fintactics and Aion Digital
Both Aion Digital and Fintactics have teamed up as part of the builder's mission to shape the financial landscape of the future.
Aion Digital, a digital banking platform offering customer-centric digital transformations, will jointly develop and expand with Fintactics important digital products across the GCC and MENA.
The signing included Fintactics’ CEO and its Managing Partner, as well as Aion Digital’s Chairman besides its Founder and CEO.
Launch of Fintactics Studio and VC Fund
Fintactics Studio has been launched during the World Fintech Show as the first dedicated fintech venture builder in the region.
Fintactics Studio is backed by a SAR 150 million CMA-authorised VC fund. It aims to concentrate on supporting internal businesses and investing in certain fintech ventures across the Kingdom, in the MENA region, and also worldwide.
Fintactics Venture Builder has emerged out of Revival Lab, while it is being launched under Arbah Capital. The builder will be harnessing deep technology expertise and a network of brand name partners to set up distinctive, operationally focused investment models that can benefit investors and entrepreneurs in Saudi Arabia and the Region.
The VC fund will focus on early-stage fintech ventures in Pre-seed, Seed, and early series A stage, while targeting ventures with a significant market opportunity.
Trescon, which managed the event, hosted senior executives from the three entities, namely Revival Lab’s Chairman, Saad Al Moammar, and its Co-Founder and CEO, Al Maghlouth; Fintactics’ CEO; Arbah Capital’s CEO, Mahmoud Koohaji, and the board member, Hisham Al Rashed, Board Member.
An official during the event recently stated that Riyadh Chamber of Commerce helped more than 40 startups in the fintech sector to build since 2016.