SNB Capital, the largest asset manager in Saudi Arabia, has spearheaded a SAR 65 million Series A funding round for Malaa Technologies, a Saudi fintech company. This investment aims to bolster the technological infrastructure of Saudi Arabia’s financial services sector and aligns with Vision 2030’s ambitions to foster a thriving fintech ecosystem. The infusion of capital will enable Malaa Technologies to develop its AI-driven products and improve compliance, governance, and cybersecurity systems, meeting the rising demands for robo-advisory and open banking technology. SNB Capital’s CEO, Rashed Sharif, emphasized that the investment is part of the firm’s strategic objective to enhance wealth management services within the Kingdom. Over the long term, this initiative is expected to contribute significantly to Saudi Arabia’s GDP and create numerous fintech jobs.
Financial Services, Fintech, Investment Banking,Saudi Arabia, Middle East
https://www.zawya.com/en/press-release/companies-news/snb-capital-leads-sar-65mln-series-a-investment-round-for-malaa-technologies-budmnrlu