Despite nearly 100% smartphone penetration and a growing awareness of digital platforms, Saudi Arabian officials are concerned by the lack of financial education and the accessibility of financial wellness advice.
Founded in 2022, fintech startup MALY aims to plug this gap, providing users with a financial wellness platform that helps cultivate better money habits, plugging crucial gaps in Saudi Arabia’s struggling consumer savings sector. Mo Ibrahim, MALY’s co-founder and CEO, described the current climate in the KSA:
“Various estimates cite up to 70% of the Saudi population as having no savings […] despite the reality of immense economic challenges. People need help in building healthier relationships with their finances, and fintechs can provide the necessary tools and platforms to enable individual financial wellness”.
Ibrahim says fintech growth in Saudi Arabia will also be aided by the country’s National Fintech Strategy (SNFS). The initiative aims to drive fintech innovation, increase the number of startups in the Kingdom to 230, and grow digital transactions by 70% by 2025.
MALY is uniquely positioned to help the KSA achieve its fintech vision. The company’s cutting-edge platform leverages data science and machine learning. According to CEO Mo Ibrahim, MALY is an essential toolbox that helps to automate and manage personal savings and investments while offering debt management tools and investment techniques.
As well as its current suite of financial tools, MALY is also planning an AI-powered Financial Stress Tracker, which will leverage Open Banking to identify patterns indicating financial stress while providing customers with personalized advice and education programs to help them manage their finances.
LEAP 2024 Will Shine A Light On Female Innovators In Technology
Women comprise nearly a third of the event’s speaker lineup alongside a dedicated program of high-level content, investment, and mentorship.
LEAP 2024, a premier global technology event, will highlight the achievements of women in the technology sector as it returns for its third edition at the Riyadh Exhibition and Convention Centre in Malham district from March 4 to 7.
Hosted by Tahaluf, a strategic collaboration between Informa PLC, the Events Investment Fund (EIF), and the Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), LEAP 2024 will feature a dedicated program titled “Women in Tech”. The program will offer enriching content, investment opportunities, networking sessions, mentorship programs, and a special startup award.
The initiative aims to inspire women to actively participate in the technology industry, aligning with broader diversity efforts. Reflecting the Kingdom’s commitment to equality, the focus on “Women in Tech” coincides with the increasing female participation at LEAP events.
Annabelle Mander, Senior Vice President of Tahaluf, emphasized the event’s commitment to gender inclusivity, stating, “Female representation is across all of LEAP’s features and reflects the event’s mission of driving economic diversification and providing market access to international business. Within Tahaluf itself, half of our team members are women, and women make up half of our SMT, too”.
The “Women in Tech” program will feature distinguished speakers including Nadine Hachach Haram, CEO and Founder of Proximie, and Sahar Albanarna from IMPACTIQUE Bahrain, who explained: “Over 26 million women worldwide with professional experience and degrees are not in the global workplace. This demographic includes a huge pool of untapped talent which technology can help unleash to fuel the co-creation of exponential solutions across multiple sectors. To help women access productive employment, we urge industry leaders to support high-impact female entrepreneurs as a means to boost their economies and accelerate the UN’s sustainable development goals by promoting inclusive and sustainable economic growth”.
The event will also provide a platform for female-led startups and entrepreneurs to pitch for funding and support through various initiatives such as the Women’s Investor Forum, Entrepreneur Mentorship Scheme, and the Aviatrix Award at the Rocket Fuel pitch competition, offering a prize fund of US$150,000.