The Arab National Bank (anb) has celebrated the graduation of the first cohort from its anb Innovate FinTech Accelerator, reinforcing its commitment to fostering innovation and driving digital transformation within the Kingdom’s financial sector. The program, a strategic partnership with Monsha’at, Fin
ech Saudi, and Plug and Play, marks a significant milestone in supporting the region’s burgeoning fintech ecosystem.
The accelerator was designed to empower early-stage companies by providing mentorship, funding opportunities, and crucial connections to investors, regulators, and banking partners, enabling them to scale both locally and internationally.
Fostering Local and Global Innovation
The inaugural program successfully nurtured 16 fintech startups, with a significant local focus—66% of the cohort being Saudi-based companies, complemented by 33% international ventures. This diverse mix benefited from opportunities for financing, strategic partnerships, and business expansion within and beyond Saudi Arabia.
The accelerator proved highly competitive, attracting over 300 applications from which the final 16 were selected through a rigorous, multi-stage evaluation process, underscoring the high caliber of talent in the fintech space.
A Vision for Collaborative Transformation
Obaid bin Abdullah Al-Rasheed, Managing Director and CEO of Arab National Bank, expressed his pride in the program’s success, highlighting its role in empowering the next generation of financial technology innovators.
“Since the program’s launch, we have been keen for it to be a practical platform that combines banking experience with technological innovation and opens new horizons for developing business models that enhance the future of financial services in the Kingdom, in line with the objectives of Saudi Vision 2030 and the Financial Sector Development Program,” Al-Rasheed stated. He emphasized that true digital transformation is built not on technology alone, but on “partnership, integration, and a shared vision.”
Tangible Outcomes and Strategic Partnerships
The program has already yielded significant results, fundamentally shifting the dynamic between the bank and startups from one of competition to collaboration.
Omar Al-Aqeel, Chief Digital Officer at anb, explained the program’s tangible impact. “We were able through this program to build bridges of cooperation between banks and startups, where the relationship transformed from competition to partnership.”
This collaborative spirit resulted in the signing of over 20 agreements and memoranda of understanding. The final Demo Day was a major success, attracting more than 30 venture capital funds and 400 participants, and achieving an attendee satisfaction rate of over 95%.
About anb Innovate FinTech Accelerator
The anb Innovate FinTech Accelerator is a landmark initiative by the Arab National Bank in partnership with Monsha’at, Fintech Saudi, and Plug and Play. It is designed to support and scale fintech startups, contributing to the innovation and digital transformation of Saudi Arabia’s financial sector. The program provides participants with expert mentorship, access to funding, and strategic partnership opportunities to build sustainable business models and contribute to the growth of the national economy.
Source: Mubasher Banks
