Fintech Buddy Saudi Arabia, a one-stop shop platform that provides professional services for startups and foreign companies (sponsored by The Law Firm of Nasreen Alissa), signed a Memorandum of Understanding (MoU) today with Riad & Riad Law Firm, a full-service law firm focusing on corporate law matters such as corporate compliance, capital market, data privacy, company formation, labor and employment, and dispute resolution. Through this partnership, the two parties will join hands to support Egypt-based Fintechs who are planning to expand to Saudi Arabia and vice versa.
The MoU was signed by Nasreen Alissa on behalf of Fintechs Buddy Saudi Arabia and Dr. Fatma Salah on behalf of Riad & Riad Law Firm in the presence of officials and managers from both parties.
Commenting on the agreement, Nasreen Alissa, (Founder) at Fintech Buddy Saudi Arabia said, “In line with the Kingdom’s Vision 2030, Saudi Arabia is emerging as an attractive hub for global companies looking to expand their operations and establish their regional offices. Moreover, the Saudi authorities have been lately putting efforts to develop a diversified and effective fintech sector, increase the number of active fintechs to 525, and create 18,000 fintech jobs by 2030. Fintech sector is one of the fastest growing areas of development in the Kingdom. We are delighted to collaborate with Riad & Riad Law Firm and together contribute to achieving this objective and supporting Egyptian Fintechs.”
“Driven by its belief in the value of helping innovative fintech startups reach their goals, Fintech Buddy Saudi Arabia will work directly with Riad and Riad Law Firm to provide fintechs with practical and cost-effective solutions which support their growing businesses in Egypt and help them move forward,” she added.
“Our partnership will first aim to formalize the mutual interaction and enhance our abilities to provide seamless client services in Egypt and KSA,” said Dr. Fatma Salah, Partner at Riad & Riad Law Firm. “Egypt presents a huge potential for fintech and wider digital transformation having a population of over 110 million while around two-thirds of it is still unbanked. Egypt is placed among the top countries in Africa and the region with most dynamic fintech sector and tremendous growth. Over the last five years, the growth in venture capital investment increased from around $ 1M raised in three fintech deals in 2017, to reach more than $ 159 M last year with 32 fintech deals.
The Central Bank of Egypt (CBE) recently launched its Financial Inclusion Strategy 2022-2025, a national plan focusing on expanding access to financial services, facilitating innovative financial products and establishing a conducive environment for fintech innovation. The CBE said it will continue support entrepreneurship, facilitate the integration of startups into the formal economy, and provide MSMEs with access to key resources, including financial services.
“I believe Egypt and KSA are both important and viable markets that comprise enormous potential, so we will be working with Fintech Buddy Saudi Arabia to empower companies to scale up by expanding in the two markets,” said Salah.