Saudi Arabia’s largest asset manager, SNB Capital, has signed a Memorandum of Understanding (MoU) with fintech provider Malaa Technologies to offer easy, secure access to financial services and increase the flexibility of financial transactions.
Industry sources added that this partnership was announced at SNB Capital’s inaugural Investment Tycoons Forum in Riyadh, and will enable Malaa’s clients to access SNB Capital’s funds and products. Such access to advanced technology and data-driven insights will help guide clients toward an informed and optimal decision-making process for their overall financial planning.
This initiative significantly boosts the service offerings for Saudi retail investors and catalyzes growth and advancement of the Kingdom’s financial market, while also adding to the sophistication of the wealth management landscape. This collaboration is aligned with the objectives of Vision 2030’s National Fintech Strategy, which seeks to foster the growth of Saudi Arabia’s fintech sector as a key component of the national economy.
Rashed Sharif, CEO of SNB Capital stated “SNB Capital is committed to support and enable the fintech industry through providing innovative financial solutions that empower our clients and support the Kingdom’s goals. By spearheading the financial know-how, AI and fintech, SNB Capital is not just adapting to the new era of digital transformation but is actively driving it forward, marking a significant milestone in the industry’s evolution and unlocking new avenues of growth for our clients.”
Ali Alorainy, CEO of Malaa Technologies commented “We are pleased to announce a strategic partnership with SNB Capital, a collaboration poised to significantly support and amplify our mission to redefine wealth management for individuals in the Kingdom. Since Malaa’s inception in October 2021, our relentless pursuit has been to deliver a distinctive financial experience, rooted in automation, to help our clients achieve their diverse financial outcomes. Leveraging cutting-edge technologies in Open Banking, artificial intelligence, and automated investment strategies, this partnership stands to enhance our integration of value chains, bolster efficiency, and minimize costs.”
The app’s existing robo-advisory services will also now be complemented with knowledge and expertise from SNB Capital’s experienced financial team.
The strategy sets ambitious targets, including establishing 525 fintech companies, creating 18,000 fintech-related jobs, contributing SAR 13.3 billion to the Saudi GDP, and attracting SAR 12.2 billion in foreign investment into the sector by 2030.
