Saturday, June 22, 2024

Riyad Capital Launches 1957 Ventures Fund, Backed by Riyad Bank, to Transform Saudi Arabia’s FinTech Landscape

Riyad Capital has announced the launch of the “1957 Ventures” fund, a closed-end investment fund backed by Riyad Bank to drive transformative growth in Saudi Arabia’s FinTech sector, in line with the objectives of Saudi Vision 2030 and the Financial Sector Development Program.

The launch of this fund underscores Riyad Capital and Riyad Bank’s strategic commitment to accelerating the Kingdom’s digital transformation, by creating opportunities for innovative FinTech business models, this initiative directly supports the development of a robust financial sector, promoting innovation and competitiveness within Saudi Arabia.

Nadir Al-Koraya, CEO of Riyad Bank, stated “The launch of the 1957 Ventures fund demonstrates Riyad Bank’s unwavering commitment to driving FinTech innovation and digital transformation, this fund builds upon our track record of supporting cutting-edge initiatives in this pivotal sector. By empowering startups and entrepreneurs, we fuel Saudi Arabia’s economic growth and diversification, aligning with the bold ambitions of Vision 2030. While proud of our past impact, we recognize the vast potential still ahead and are dedicated to fostering sustainable growth.”

Dr. Abdullah Alshwer, CEO of Riyad Capital, stated “The 1957 Ventures fund embodies a forward-thinking financial vision aligned with the Kingdom’s ambitious digital transformation goals, this fund signifies a strategic investment in the future of Saudi FinTech. Our institutional approach will unlock new levels of innovation, driving both sector growth and sustainable economic impact.”

Riyad Bank is one of the leading banking and financial institutions in the Kingdom with a keen focus in digital transformation programs. It is also a strategic partner of several global platforms for innovation and keeps pace with the ongoing digital evolution taking shape globally. Riyad Capital, a key subsidiary of Riyad Bank, is one of the innovative and leading companies in asset management and alternative investments.

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