BIM Ventures has partnered with SC Ventures, part of Standard Chartered, to sign a Memorandum of Understanding (MoU) aimed at collaborating on fintech innovations tailored for the Saudi market, with a focus on creating impactful joint ventures.
This collaboration leverages the deep expertise of both companies, combining BIM Ventures’ multidisciplinary venture-building capabilities with SC Ventures’ advanced innovations in financial and banking technologies. The partnership will focus on localizing global expertise and adapting it to meet the needs of the Saudi market, thereby enhancing the Kingdom’s attractiveness for foreign direct investment.
The two companies will also work together to develop innovative technological solutions that address the market’s evolving needs, focusing on sectors such as fintech, Prop-tech, and investment technology. Through this collaboration, joint projects will be identified and implemented to support the growth of startups and foster an innovative entrepreneurial environment.
In this context, Mr. Mohamed Amine Merah, Managing Partner and CEO of BIM Ventures, stated, “Our partnership with SC Ventures represents a strategic step towards localizing global expertise in banking and financial technology to meet the needs of the Saudi market. We will build and invest in joint projects to develop innovative financial solutions, increase the Saudi market’s attractiveness to investors, and contribute to sustainable economic growth.”
Alex Manson, CEO of SC Ventures, added, “We are thrilled to work with BIM Ventures to deepen our connectivity to the Saudi market. We are excited to be working with like-minded partners who share a common vision as we approach innovation in the Kingdom”.
This strategic partnership marks a pivotal step towards fostering innovation and achieving the objectives of Saudi Vision 2030. By developing an entrepreneurial environment that supports economic and technological progress in the Kingdom, it assures that it is moving in the right strategic direction.
