1957 Ventures established to support financial technology innovation in the Kingdom to achieve the goals of the financial sector development plan in Vision 2030

In addition to the launch of the previously announced “1957 Ventures” fund, the “1957 Ventures” company has been launched, which is dedicated to building companies in the fields of technology and financial technology. This launch aims to be part of the initiative to support the innovation of the wheel and accelerate the pace of digital transformation in the Kingdom. It will focus on building, launching and scaling up a series of innovative projects and models in financial technology, thus contributing to the goals of the financial sector development plan in Vision 2030. The company has appointed a board of directors, including leaders from the Kingdom’s banking, innovation, business and investment fields. They are: Mr. Nader Al-Koraya, Chairman of the Board of Governors, Mr. Mazen Faroun, Vice Chairman of the Board of Governors, Mr. Omar Al-Mady, Mr. Abdullah Al-Arini and Mr. Qaisar Nour. In addition, Mr. Imad Kashgari has been appointed as CEO; he has more than 15 years of experience in digital innovation, building startups and venture capital, and leading initiatives and projects to build entrepreneurial and innovative systems, in addition to his strong track record in leading investment rounds and building and supporting technology companies.

In order to accelerate the pace of Saudi Arabia’s digital transformation, promote industry innovation and inclusive finance, and empower businesses and individuals, 1957 Ventures will redouble its efforts to build innovative fintech companies and models. It will play a vital role in shaping the future of the Kingdom’s banking and financial sector by providing professional support to projects, including financing and investment, guidance and consulting, growth and sustainability, technical and business expertise, and access to target groups.

In a statement to board members, Nader Al-Kuraia, Chairman of the Company’s Board of Directors, said: “The launch of 1957 Ventures is an important step in our commitment to strengthening fintech. We believe that by building and empowering these companies and providing them with the resources they need to succeed, we will drive the wheels of innovation and create…new opportunities for economic growth.

His Excellency Mr. Mazen Pharaon, Vice Chairman of the Company’s Board of Directors, added: “1957 Ventures is at the forefront of initiatives to develop the Kingdom’s FinTech sector with the goal of transforming the local financial landscape and creating regional and global leadership opportunities in financial innovation, and our initiative to establish and launch 1957 Ventures is in line with “our commitment to spurring digital transformation in the region, investing in the potential of emerging technologies to enhance a resilient and comprehensive financial system, ensuring the achievement of the desired goals in Vision 2030.”

Finally, Mr. Imad Kashgari, CEO of 1957 Ventures, highlighted the company’s commitment to investing expertise to build a new generation of companies, saying, “We are committed to investing expertise and resources to build a new generation of major companies in the sector by setting up a dedicated fund, ensuring continuous investment during the growth phase, and continuously innovating mechanisms to build these businesses with a cultural focus, which will have a positive impact on the economy and society through the creation of quality jobs and the direct use of local products.”

It is worth noting that 1957 Ventures is committed to investing in business and talent to lay a solid foundation for the future of fintech in the Kingdom of Saudi Arabia, aiming to strengthen innovation in the fintech field, empower emerging companies to accelerate the digital transformation of the financial industry, and contribute to achieving the goals of the 2030 Financial Industry Development Plan and building a more dynamic and comprehensive financial industry.