Deloitte, the globally renowned professional services firm, has joined forces with Fintech Saudi to propel the growth of emerging companies within Saudi Arabia’s financial technology sector through the groundbreaking Makken Program. This initiative, a cornerstone of Saudi Fintech, a collaborative effort between the Saudi Central Bank and the Capital Market Authority, seeks to position Saudi Arabia as a leading hub for innovative fintech, fostering a robust and responsible fintech ecosystem.

Makken, translating to Empower, is a visionary program crafted to provide steadfast support to entrepreneurs and startups in Saudi Arabia’s flourishing fintech industry. It offers a range of services, including financial support, technology, cloud computing, and cybersecurity, aimed at accelerating the development of the fintech sector in the Kingdom.

The official launch of the Makken Program took place earlier this week in Riyadh, graced by the esteemed presence of His Excellency the Governor of the Central Bank of Saudi Arabia (SAMA), Mr. Ayman Mohammed Alsayari, and His Excellency the Chairman of the Board of Directors of the Capital Market Authority, Mr. Mohammed Bin Abdullah El-Kuwaiz.

Mutasem Dajani, Deloitte Middle East CEO, expressed his enthusiasm about the launch, stating, “I am delighted to have attended the launch of Makken, the Kingdom of Saudi Arabia’s game-changing fintech program. We are proud of Deloitte’s partnership with the Saudi Central Bank and Capital Market Authority on this program, fueling the growth of this key sector in the Saudi economy and its ongoing transformation.”

Participating Fintechs in the Makken Program will have the privilege of being hosted on Deloitte’s cutting-edge Cloud Managed Services powered by OpenCloud. This platform, characterized by relentless automation, cloud optimization, and cybersecurity services for multi-cloud workloads, is poised to provide an ideal environment for the growth and innovation of fintech startups.

Ali Hamid, Deloitte Middle East Partner, and Cloud Leader for the region, emphasized the significance of the Deloitte OpenCloud Platform. He stated, “The Deloitte OpenCloud Platform will provide Saudi FinTechs with cloud infrastructure that enables rapid delivery to support secure, compliant, scalable and agile operations, allowing these startups to focus on building their innovative products and services, while Deloitte provides the managed services and cybersecurity controls.”

The collaboration between Deloitte and Fintech Saudi in the Makken Program represents a pivotal step in fortifying Saudi Arabia’s position as a leading player in the global fintech landscape. The program’s holistic approach, backed by Deloitte’s expertise, is poised to drive innovation, facilitate financial empowerment, and contribute to the sustained growth of the Saudi fintech ecosystem.