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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)
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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.

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Yemen’s Fragile Economy Feels the Heat of Iran-Israel Conflict

Fears mount over the impact of military escalation on the Yemeni currency, which has recently seen a rapid decline (AFP). 
Fears mount over the impact of military escalation on the Yemeni currency, which has recently seen a rapid decline (AFP). 
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Yemen’s Fragile Economy Feels the Heat of Iran-Israel Conflict

Fears mount over the impact of military escalation on the Yemeni currency, which has recently seen a rapid decline (AFP). 
Fears mount over the impact of military escalation on the Yemeni currency, which has recently seen a rapid decline (AFP). 

The ripple effects of the escalating conflict between Iran and Israel are being felt in Yemen’s fragile economy. The already-depreciated Yemeni rial has fallen further, fuel prices have surged following a government decision, and fears of wider inflation loom over one of the region’s most vulnerable economies.

Last week, the exchange rate for the US dollar crossed 2,750 Yemeni rials before slightly retreating. Economists warn the rial will likely continue to weaken amid broader regional instability. In response, Prime Minister Salem bin Braik announced an emergency 100-day plan to stabilize the economy and ensure basic state obligations, including public sector salaries.

The government also introduced new fuel pricing, raising costs by up to $1 per 20-liter container of gasoline and diesel. This marks the fourth fuel price hike this year, compounding pressure on Yemen’s already burdened consumers.

With Yemen importing over 95% of its goods, any increase in global shipping costs or insurance premiums immediately impacts domestic prices.

Economist Rashid Al-Ansi explained to Asharq Al-Awsat that the cost of food, fuel, and other essential goods is rising due to the weakened currency and regional tensions. Unlike neighboring countries, he added, Yemen lacks the fiscal space and policy flexibility to absorb such shocks.

Adding to the strain, foreign currency reserves are being depleted as locals rush to convert their savings into dollars or gold amid fears of an open war between Israel and Iran. This has raised concerns of further rial depreciation and capital flight, according to economist Fares Al-Najjar.

Al-Najjar also warned that remittance flows - Yemen’s main source of foreign currency - may decline due to global uncertainty, reducing the central bank’s ability to stabilize the market. The government is already struggling to fund basic services, including electricity in Aden and water supply in Taiz.

Experts are particularly concerned about potential disruption to maritime trade. If military tensions spill over into the Red Sea or Gulf of Aden, Yemen’s surrounding waters could be labeled “high-risk zones,” driving shipping and insurance costs up by as much as 300%. This would cripple import flows and make oil exports - Yemen’s last lifeline for foreign currency - nearly impossible.