Riyadh – Mubasher: Riyad Bank has launched its Digital Partnership Program and its association with a venture capital fund of SAR 100 million ($26.6 million).

The announcement took place on the sidelines of the Future Investment Initiative 2019 (FII) in Riyadh.

The fund aims to forge strategic partnerships with entrepreneurs and technology companies, and provide solutions and support in the field of financial technology.

It also targets creating new industries and innovative business models.

Tariq Al Sadhan, CEO of Riyad Bank, said that the proliferation of technology has fueled the emergence of fintechs, which have impacted business models and increased tech-savvy customers.

Al Sadhan added that the bank is partnering with digital startups and entrepreneurs to enhance digital services and expedite the process of launching new products.

The CEO pointed out that the fund aims at empowering innovation and supporting entrepreneurs through Research and Development (R&D), in addition to the funds.

The Fintech Fund will be looking into defining a proper mechanism for the Sandbox experimental environment and further support entrepreneurship.