Fintech Saudi Launches Accelerator Program to Empower Entrepreneurs

A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. (REUTERS/Faisal Al Nasser)
A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. (REUTERS/Faisal Al Nasser)
TT
20

Fintech Saudi Launches Accelerator Program to Empower Entrepreneurs

A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. (REUTERS/Faisal Al Nasser)
A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. (REUTERS/Faisal Al Nasser)

Fintech Saudi announced on Sunday the launching of a three-month innovation and entrepreneurship program to support the Kingdom’s financial technology industry, in cooperation with Flat6Labs.

According to the company, Fintech Accelerator program - launched by Fintech Saudi and powered by Flat6Labs - is aimed at helping startups grow and is designed to transfer best practices, tools, and resources available for Fintech startups to develop and scale their solution-driven businesses.

The program extends over an intensive three-month period aimed at empowering the most innovative and efficient entrepreneurs, who demonstrate enormous potential in the Kingdom’s financial technology sector.

The program will also allow the participating companies to interact with investors, to enhance their skills and showcase their innovative solutions at regional and global events.

In a statement, Saudi Fintech Director Nujoud Al-Malik said: “The Fintech Accelerator is an important event for Saudi Fintech. Over the past year, we have witnessed a threefold increase in the number of fintech companies in the Kingdom, and we want the increase to continue and contribute to achieving the goals of the Kingdom’s Vision 2030.”

For his part, Flat6Labs CEO Ramez Al-Serafi emphasized the tremendous shift in the market’s orientation towards financial technology solutions and non-cash financial systems.

The Saudi Fintech initiative was launched by the Saudi Arabian Monetary Agency in partnership with the Capital Market Authority, and seeks to support the development of the financial technology sector in the Kingdom.



Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
20

Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose for a third straight session on Friday, as US President Donald Trump's announcement of new tariffs on Canada and broader tariff threats against other trading partners lifted demand for the safe-haven asset.
Spot gold was up 0.5% to $3,339.99 per ounce, as of 0755 GMT. US gold futures gained 0.8% to $3,351.
"We're seeing some growing demand for gold as a haven. There are investors looking for some safety asset despite stock markets hitting highs. And any dip in gold is seen as a buying opportunity now," said Carlo Alberto De Casa, an external analyst at Swissquote.
On Thursday, Trump said US would impose a 35% tariff on imports from Canada and planned to impose blanket duties of 15% or 20% on most other trade partners, Reuters said.
This follows Wednesday's announcement of a 50% tariff on US copper imports and a similar levy on goods from Brazil, along with tariff notifications sent earlier to other trading partners.
Trump also said the European Union could receive a letter on tariff rates by Friday, throwing into question the progress of trade talks between Washington and the 27-nation bloc.
"Rising trade tensions have reinvigorated demand for haven assets such as gold amid the prospect of an economic slowdown. The more dovish Fed is also boosting investor appetite," analysts at ANZ wrote in a note.
Data on Thursday showed weekly jobless claims in the US fell unexpectedly to a seven-week low, indicating stable employment levels.
Federal Reserve Governor Christopher Waller on Thursday reiterated his belief the central bank could cut interest rates at its policy meeting later this month.
Meanwhile, Fed Bank of San Francisco President Mary Daly said two rate cuts remain on the table for this year.
Lower rates boost non-yielding gold's appeal.
Elsewhere, spot silver rose 0.9% to $37.37 per ounce, platinum fell 1% to $1,346.81 and palladium climbed 1.3% to $1,156.44.