Saudi Arabia’s largest asset manager, SNB Capital has signed a Memorandum of Understanding (MoU) with fintech provider Malaa Technologies in order to provide easy, secure access to financial services and increase the flexibility of financial transactions.
The partnership will enable Malaa’s clients to access SNB Capital’s funds and products. Such access to advanced technology and data-driven insights will help guide clients toward an informed and optimal decision-making process for their overall financial planning.
SNB Capital’s collaboration with Malaa Technologies further strengthens the firm’s commitment to leveraging technology to future-proof businesses, shapes the growth of local and regional capital markets, and drives the efficiency and productivity of assets and people across the financial sector value chain.
“SNB Capital is committed to supporting and enabling the fintech industry through providing innovative financial solutions that empower our clients and support the Kingdom’s goals. By spearheading the financial know-how, AI, and fintech, SNB Capital is not just adapting to the new era of digital transformation but is actively driving it forward, marking a significant milestone in the industry’s evolution and unlocking new avenues of growth for our clients,” stated Rashed Sharif, CEO of SNB Capital.
This collaboration is aligned with the objectives of Vision 2030’s National Fintech Strategy, which seeks to foster the growth of Saudi Arabia’s fintech sector as a key component of the national economy.
“Since Malaa’s inception in October 2021, our relentless pursuit has been to deliver a distinctive financial experience, rooted in automation, to help our clients achieve their diverse financial outcomes. Leveraging cutting-edge technologies in Open Banking, artificial intelligence, and automated investment strategies, this partnership stands to enhance our integration of value chains, bolster efficiency, and minimize costs,” said Ali Alorainy, CEO of Malaa Technologies.
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