BIM Ventures, a Saudi-based venture capital studio, has signed an agreement with a VC unit of Standard Chartered bank to drive digital transformation and growth in the kingdom
Signed at the 24 Fintech conference in Riyadh, the MoU aims to accelerate digital transformation by supporting innovative start-ups through a combination of SC Ventures’ global expertise and BIM Ventures’ regional market insights.
This collaboration will develop, co-create and scale new ventures to tackle major industry challenges and drive sustainable regional growth.
The two companies will also work together to create innovative technological solutions that address the market’s evolving needs, focusing on sectors such as fintech, property and investment technology.
Joint projects will be identified and implemented to support the growth of startups and foster an innovative entrepreneurial environment.
Contributing to sustainable economic growth
Mohamed Amine Merah, managing partner and CEO of BIM Ventures, told Arab News: “Our partnership with SC Ventures represents a strategic step toward 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.”
The partnership represents a crucial milestone in realizing the goals of Saudi Vision 2030 as cultivating an entrepreneurial ecosystem that drives economic and technological growth secures the Kingdom’s alignment with its objectives.
Alex Manson, CEO of SC Ventures, told Arab News: “We’re announcing an MoU with BIM Ventures, which is a venture building lab located here, looking forward to essentially building businesses in this particular market, and we both bring very, different things to the table, obviously, but in the same time, very much often of an alignment of mindset in terms of how we building things.
“We are focused on some of the same themes, which is, serving clients in financial services the way they need and want to be served in this market.
“I expect we’re going to be very much present in Saudi, specifically with building a business, looking for partners as I speak.”
