Switzerland’s Hashgraph announced the launch of the DeepTech Venture Studio’ in the capital Riyadh, reported Saudi Future on X.
Hashgraph is a non-profit organization that supports training and educational programs.
This step is in accordance with a five-year agreement with the Saudi Ministry of Investment, valued at $250 million.
The association announced in a statement the signing of an agreement in this regard with the Ministry of Investment. The signing took place during the Saudi-Swiss roundtable meeting held today in Riyadh.
How will Studio Benefit Companies?
The statement highlighted that the DeepTech Venture Studio will be specially designed to empower local Saudi companies, as well as international companies interested in operating in the Kingdom.
The studio will develop innovative solutions and benefit from deep technology such as artificial intelligence, blockchain, robotics, Internet of Things, virtual reality, and quantum computing.
Fintech Saudi & Kyndryl
In a significant move to bolster technological innovation in financial services, Fintech Saudi and Kyndryl have joined forces. They signed a memorandum of understanding (MoU) on December 27, 2023, in Riyadh. This partnership is pivotal in promoting advanced technological adoption among Saudi Arabia’s fintech entrepreneurs and startups.
It symbolizes a new chapter in the Kingdom’s commitment to technological progress in the financial sector. Kyndryl is a leader in IT infrastructure services. Accordingly, the collaboration with Fintech is a testament to the growing importance of fintech in the region.
This strategic alliance would open new avenues for innovation and development. Accordingly, it will provide a significant boost to the home-grown fintech ecosystem in Saudi Arabia. The MoU signifies a collaborative effort to nurture and scale innovative fintech solutions. It is aligning with Saudi Arabia’s vision to evolve into a leading fintech hub.
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