Saudi Arabia Launches Fintech Program Makken
The program aims to empower 150 national emerging financial technology startups over a period of three years.
The Saudi Central Bank (SAMA) in collaboration with the Capital Markets Authority has introduced a new financial technology (fintech) program called Makken to boost financial innovation in the kingdom.[1]
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The program aims to empower 150 national emerging fintech startups over three years, by providing technical and quality services in the fields of cybersecurity, cloud computing, and space.
The program was launched as part of the Saudi Fintech Initiative.
Regarding enrollment in the new program, qualifying companies must be startups, operate in the Kingdom, and be registered with all relevant authorities.
The startup must be subject to regulatory authorities like SAMA and the Capital Market Authority, in addition to being in its initial stages of obtaining financing, with its objectives consistent with the Kingdom’s Vision 2030.