​​​​​​​MOU to support the blooming fintech industry and enable financial inclusion in the Kingdom

RIYADH, Saudi Arabia: Saudi Arabia’s largest asset manager, SNB Capital, has signed a Memorandum of Understanding (MoU) with fintech provider Malaa Technologies to provide easy, secure access to financial services and increase the flexibility of financial transactions.

The partnership, which was announced at SNB Capital’s inaugural Investment Tycoons Forum in Riyadh, 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.

The app’s existing robo-advisory services will also now be complemented with knowledge and expertise from SNB Capital’s experienced financial team.

The move significantly enhances service offerings for Saudi retail investors and catalyzes growth and advancement of the Kingdom’s financial market, while also adding to the sophistication of the wealth management landscape.

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 support and enable 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," said Rashed Sharif, CEO of SNB Capital.

“We are pleased to announce a strategic partnership with SNB Capital, a collaboration poised to significantly support and amplify our mission to redefine wealth management for individuals in the Kingdom. 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.

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.

The strategy sets ambitious targets, including establishing 525 fintech companies, creating 18,000 fintech-related jobs, contributing SAR 13.3 billion to the Saudi GDP and attracting SAR 12.2 billion in foreign investment into the sector by 2030.

About SNB Capital Company 

SNB Capital Company, a licensed entity by Capital Market Authority (CMA), is a leading regional financial institution with deep industry expertise across five business lines: Asset Management, Wealth Management, Securities, Investment Banking, and Principal Investment. SNB Capital is the largest asset manager in Saudi Arabia with SAR 246.19 billion of assets under management as of December 2023.  

Further information is available at www.alahlicapital.com. Follow SNB Capital on X Platform @Capital_SNB. 

About Malaa Technologies

Malaa is the leading wealth management tool in the Kingdom, addressing the gap in the financial products offerings and advancing cutting-edge technology adoption by offering data-driven financial products and services that empower individuals and organizations for better financial decisions. Established in November 2021, Malaa aims to be the go-to for financial decision-making, whether it’s for saving, lending, or investing. Malaa is regulated by the Saudi Central Bank (SAMA) for Open Banking activities and the Capital Market Authority for Robo-advisory and asset management activities.

Malaa is spearheading Open Banking in the Kingdom as the first Open Banking company to officially launch its services for its users and the first company to offer behavioral risk profiling for its lending partners, leveraging Open Banking data with exceptional engineering and data science capabilities. 

For more information, visit: www.malaa.tech