Outlier Ventures AI, tokenization and Digital Identity teams participate in Saudi Arabian Future Spark accelerator

Outlier Ventures AI, tokenization and Digital Identity teams participate in Saudi Arabian Future Spark accelerator

Outlier Ventures has announced that its AI, tokenization, digital identity teams have joined the FutureSpark Base Camp accelerator program taking place in Riyadh at Monsha’at.

The cohort comprises teams from countries including Saudi Arabia, the United States of America, the United Kingdom, United Arab Emirates, Portugal and The Marshall Islands. Collectively the founders are developing cutting-edge technologies across Gaming, Artificial Intelligence (AI), Payment Solutions, Real World Assets (RWA) and Digital Identity, helping advance the Web3 ecosystem in the region and driving technological advancements across Saudi Arabia as part of Vision2030.

Announcing the first FutureSpark Base Camp cohort with the support of NTDP is an exciting moment in Outlier Ventures’ commitment to accelerating the development of high-growth Web3 ecosystems globally.

“We are very excited to welcome the founders participating in the first FutureSpark Base Camp program in Saudi Arabia. Over the 12-week program, the cohort is gaining invaluable tailored guidance from Outlier Ventures’ team of experts, the incredible mentors and support from NTDP.” Said Stephan Apel, CEO and Founding Partner. “This unique experience will not only accelerate their growth, but also help forge meaningful connections within the rapidly developing Web3 ecosystem in Saudi Arabia. We look forward to supporting the founders as we continue to build on our mission to help grow Web3 ecosystems globally.”

The teams participating include Astra Nova (Saudi Arabia), an expansive multimedia gaming universe that leverages web3 and user generated content (UGC) for immersive gaming, Byzanlink (United Arab Emirates), a platform connecting tokenized real-world assets to onchain yield, stability, and sustainable growth.

Byzanlink is a cutting-edge Real-World Asset (RWA) tokenization platform revolutionizing the management of traditional financial assets on-chain. By seamlessly bridging traditional finance (TradeFi) with decentralized finance (DeFi), Byzanlink empowers institutions and investors with access to diverse, yield-generating opportunities. It enables asset managers and SMEs to tokenize assets, reduce operational costs, unlock new capital sources, and achieve optimal risk management, transparency, and efficiency.

Also included are Feed Protocol (United States of America) which unlocks the blockchain for developers, startups, and organizations by providing powerful data streams, Kodex (United Kingdom) a unified Digital Law and Order Protocol: Censorship-Resistant Safety Monitoring for Web3 dApps, Games and Metaverses.

Kodex is the first truly decentralized, censorship-resistant trust and safety solution for social media, online games, and metaverses. At its core is The Kode – a unified rulebook defining harmful behaviors like fraud, harassment, toxic content, and disinformation, supported by a decentralized array of AI nodes and human reviewers that operate solely based on The Kode and nothing else, ensuring a consistent, impartial approach that’s both standardized and immune to external bias.

In addition LIFT (United States of America) a decentralized platform enables non-technical users to train AI Agents to analyze sports, games, social and security video — and trigger actions based on events detected in real-time is also participating.

As well as Oumla (Saudi Arabia) who are simplifying blockchain technology by providing a secure and scalable infrastructure for businesses and government agencies. Oumla enables developers to easily build on top of blockchains. You don’t need to learn complex, low-level Blockchain-specific APIs. By using our API/SDKs, you can accelerate your time to market and minimize security concerns.

Others include Ouroboro Labs (Portugal) a Layer-3 blockchain built to seamlessly onboard millions of gamers to web3. With lightning speeds, abstractable infrastructure and games across various genres.

Sorbet (Saudi Arabia) The modern digital wallet for freelancers—collect payments globally, store earnings in USDC, and manage your business as an independent, all in one place.

Waslah (Saudi Arabia) Waslah unlocks power of energy aggregation to save money and stabilize the electric grid. Saudi built circular energy network – that connects appliances, use AI for data processing to optimize energy management. Through predictive analytics and real-time demand-supply balancing we enhance grid stability.

Finally, YalGamers (Marshall Islands), a Web3 gaming ecosystem empowering gamers to earn, and developers to build with innovative tools and social features.

The FutureSpark program forms part of Outlier Ventures’ Base Camp accelerator programs that focus on supporting founders globally helping them to accelerate their product market fit. The program will culminate in a demo day in January in Riyadh. For more information go here: https://outlierventures.io/base-camp/

Avalanche partners with Saudi Arabian Oumla Blockchain

Avalanche partners with Saudi Arabian Oumla Blockchain

Saudi based Blockchain Layer 1 platform Oumla has partnered with Avalanche Blockchain with the aim of creating Saudi Arabia’s first Layer One Blockchain fully hosted in KSA.


As per the X post, ” This collaboration will support startups and SMEs, driving technological innovation across Saudi Arabia and the MENA region.”

In the X post for Oumla they stated, ” By bringing a secure, locally-hosted blockchain platform closer to home, we’re paving the way for growth and innovation aligned with Saudi Vision 2030. This partnership is part of our larger mission to develop the products the region needs to thrive in Web3 and blockchain technology, preparing the MENA market for a seamless transition into the digital future.
We’re excited to bring this vision to life and drive the next wave of technological transformation!”

Oumla in Saudi, offers an intuitive infrastructure that caters to both businesses and government entities. The platform offers a suite of APIs and SDKs, enabling developers to build applications on top of any blockchain, including Ethereum Virtual Machine (EVM)-based networks, without the need to master complex, low-level blockchain-specific protocols.

As per Oumla, its tools are designed to accelerate time to market, enhance development capabilities, and reduce security concerns, making it easier for developers to focus on innovation rather than the intricacies of blockchain technology.

Oumla recently launched a multichain platform, allowing developers to seamlessly integrate and operate across multiple blockchain infrastructures, further expanding the possibilities for innovative projects and solutions.

Recently Oumla received investment from Saudi based Adaverse, a venture capital fund and Web3 accelerator.

The Blockchain ecosystem is growing in Saudi Arabia. In 2024 Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

According to the Adaverse report, Saudi Arabia is well positioned to witness growth in the Web3 ecosystem. One of the main reasons is that is it the largest market in GCC with a youthful and tech savvy population. Already 63% of its 36 million residents are under 30, and 99% of Saudi residents are connected to the internet.

In addition, the ambitious Vision 2030 initiative further strengthens this by fostering a robust tech and innovation ecosystem. Saudi Arabia has also seen growth in funding for startups and Web3 ventures.

In 2024, according to Digital Digest, MENA based startups secured $429 million across 163 deals, with Saudi startups receiving 515 of the funding across 36.2% of the deals.

Saudi Central Bank works with IMF on cost benefit analysis of wholesale CBDCs

Saudi Central Bank works with IMF on cost benefit analysis of wholesale CBDCs

The IMF (International Monetary Fund) has noted in its recent country report issued on Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report, that the Saudi Central Bank is conducting a cost-benefit analysis of wholesale CBDCs (Central Bank Digital Currencies) in consultation with local banks and a team of IMF experts.

In the report which commends Saudi Arabia for improvement in various areas, the IMF discusses the exploration of Central Bank Digital Currencies by SAMA.

As per the report, “SAMA is exploring the application of a Central Bank Digital Currency (CBDC). It has joined project Aber with the UAE in 2019 to explore digital ledger technology and more recently, the cross-border CBDC project known as M-bridge.”

The report adds, SAMA has also been conducting a cost-benefit analysis of CBDCs, in consultation with local banks and a team of IMF experts. Considerations have so far focused on wholesale transactions.”

The IMF report notes that IMF staff supports SAMA’s cautious approach as it explores the complex requirements and risks to monetary and financial stability relating to the regulatory, technological, or other aspects of CBDCs.

IMF notes two thirds of countries in MENA exploring CBDCs

This is not the first time that the IMF discusses CBDC projects in KSA and in the MENA region. In June the International Monetary Fund noted that almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency with Bahrain, Saudi Arabia and UAE in the more advanced proof of concept stages. The countries in MENA and Central Asia are studying CBDCs as a way to promote financial inclusion and improve the efficiency of cross-border payments.

The IMF blog noted however that CBDCs require careful consideration, with each weighing their own unique set of circumstances.

Saudi Arabia is working on CBDC project mBridge

Saudi Arabia has been working on CBDC implementation project for over three years. Earlier this year, as the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

In 2023, at WEF, and during the World Economic Forum’s session Financial Institutions innovating under pressure’ The Saudi Minister of Finance Mohammed al-Jadaan stated that while CBDCs have privacy issues they are a fantastic tool in developing countries

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse, a Web3 venture builder, has invested half a million dollars ($500,000) as a pre-seed investment in Saudi loyalty platform, Mithu, a platform aggregator for restaurants and cafes in Saudi Arabia. 

Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually. 

In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, leaving a vast untapped market, while globally, about $100 billion worth of loyalty points expire annually. Customers hold an average of 17 loyalty programs, with 68% churning within the first year.

By aggregating loyalty programs into a single, gamified app, Mithu seeks to increase customer engagement and help businesses, particularly SMEs in the food and beverage industry, retain customers more effectively. Founded earlier this year, Mithu has already signed agreements with approximately 200 restaurants in Riyadh. 

“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu. “Their expertise in Web3 and gamification is invaluable as we develop a tokenised version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.” 

Vincent Li, Founding Partner of Adaverse, said, “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it. As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions. This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth. We look forward to witnessing their impact on the Saudi Arabian market and beyond.” 

Mithu’s founding team offers a depth of expertise that positions the company at the forefront of Web3, AI, and customer loyalty innovation. CEO Mohsin Qureshi boasts over 15 years in foodtech, q-commerce, and technology startups, having held key leadership positions at Foodics, Cheetay, and Delivery Hero. CTO Asif Ali brings experience from leadership roles at Careem, Swvl, and foodpanda, and is currently pursuing a Ph.D. in AI. 

Cardano accelerator invests in Saudi Arabia’s Nuqtah NFT platform

Cardano accelerator invests in Saudi Arabia’s Nuqtah NFT platform

Adaverse a Cardano ecosystem accelerator and venture capital fund focusing on Web3 solutions, has strategically invested in Nuqtah, Saudi Arabia’s blockchain infrastructure builder and NFT management solution.

As per the blog post, this investment marks a significant milestone in both companies’ journeys, aligning with Saudi Arabia’s Vision 2030 to foster a digital economy and an innovation-driven future.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. ASFA ventures is a ventures capital builder that focuses on technology ventures, Web3 technologies. It has already invested in Saudi projects such as AqarToken, and Tokenha. In the meantime, Adaverse has funded 40+ startups across Africa, Asia and beyond.

Adaverse has welcomed Nuqtah to join distinctive initiatives among its diverse portfolio of over 54 startups.

Launched in 2021, Nuqtah has swiftly become a leader in Saudi Arabia’s blockchain and digital asset sector, earning the distinction as the Kingdom’s first licensed platform for creating, trading, and managing NFTs. Nuqtah aims to transform the digital landscape by equipping creators, businesses, and government entities with blockchain technology, thus accelerating Web3 adoption throughout the Middle East.

“We are thrilled about Adaverse’s strategic investment in Nuqtah, a testament to our shared vision of pioneering the Web3 revolution in the MENA region. This collaboration not only underscores Nuqtah’s commitment to spearheading the adoption of blockchain technology but also serves as a catalyst, attracting local and international attention to our burgeoning digital ecosystem. Each of our investors and partners, including Adaverse, stands as a resounding endorsement of the vast potential that Web3 and blockchain hold for the MENA region. Nuqtah takes immense pride in the confidence Adaverse has placed in us, as we continue to build and innovate in the region.” — Nuqtah founder and CEO Salwa Radwi

Nuqtah: From NFT to Consumer Workflow Solutions

Nuqtah has rapidly expanded its suite of offerings from NFT marketplace to comprehensive consumer workflow enhancements. Nuqtah’s platform offers a Workflow Solutions Platform designed to streamline both creative processes and engagement strategies from the planning stage to execution. Its standout feature, the Digital Collectibles Solution, facilitates the creation of NFTs to boost customer loyalty, complemented by a Consumer Engagement and Loyalty Platform that incentivizes interactions with digital collectibles.

Additionally, Nuqtah offers a Customizable Offering Tool, allowing businesses to personalize products and services for their target audience, and Brand Loyalty Enhancement Solutions that use blockchain to increase customer satisfaction. Serving a broad spectrum of industries, including the creative and retail sectors, Nuqtah’s solutions are tailored for businesses eager to incorporate blockchain into their operations, improve customer engagement, or innovate their digital assets and loyalty programs.

How Nuqtah NFT-ed Its Way from Idea to Industry Leader

Nuqtah emerged as a dynamic marketplace with the mission to energize the creator economy, quickly evolving to embrace the potential for greater impact through enabling businesses with blockchain technology. Founded by Salwa Radwi in Jeddah, Saudi Arabia, Nuqtah has rapidly transformed into a leader in blockchain technology for businesses enabling SMEs to provide innovative solutions to boost consumer engagement. Driven by Radwi’s passion for NFTs and the fusion of art and technology, Nuqtah filled a crucial gap in the local market, becoming the MENA region’s first blockchain provider. It’s more than a marketplace; it’s a community at the intersection of art, heritage, and innovation, designed to empower Saudi youth and creatives. Since 2021, Nuqtah has led the Saudi NFT scene, achieving milestones that underscore its role as a pioneer and aligning with the transformative vision of Saudi Arabia’s Vision 2030.

NFTS FOR CONTENT CREATION

Beyond the art and collectibles market, NFTs are revolutionizing content creation, entertainment, real estate, and even identity verification, proving their value in ensuring authenticity and ownership in the digital realm. The global NFT market, continuing its exponential growth trajectory, is expected to expand further as these tokens find new applications in digital rights management, gaming, and decentralized finance (DeFi), among others.

Vincent Li, founding partner at Adaverse, remarked, “Our investment in Nuqtah, as we broaden our presence in the MENA region, marks a pivotal moment for innovation in digital solutions. Nuqtah’s launch couldn’t be more timely, setting the stage for future advancements in the blockchain and NFT user landscape. Their vision mirrors our commitment to pioneering the digital economy, highlighting the transformative power of blockchain to open new opportunities. Together, we’re crafting the path forward in the digital world.”

In May 2024 Adaverse strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

Saudi’s Central Bank joins CBDC project, Mbridge

Saudi’s Central Bank joins CBDC project, Mbridge

As the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

Saleh Algrayan noted on LinkedIn, “I am immensely proud to announce that the Saudi Central Bank – SAMA has joined Project mBridge as a full participant, coinciding with the project reaching its minimum viable product (MVP) stage! As a dedicated SAMA employee and Advisor at the Bank for International Settlements – BIS Innovation Hub (BISIH) – Hong Kong Centre, I am honoured to be part of this revolutionary journey.”

He adds, “Project mBridge, leveraging advanced distributed ledger technology (DLT), aims to transform cross-border payments by addressing high costs, slow speeds, and operational complexities. This collaborative effort, starting in 2021 with partners like the Bank of Thailand, UAE Central Bank, Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority, now includes over 26 observers.”

He added, that SAMA’s participation marks a significant step forward, demonstrating the kingdom’s leadership in global financial innovation. He concluded, “We are paving the way for efficient, cost-effective, and instant cross-border transactions, addressing financial inclusion and making payments universally accessible.”

The Saudi Central Bank had previously participated in a CBDC project with the UAE under the name of ABER.

The announcement followed BIS press release where it invited private sector participants to propose value-added solutions that can be connected to the mBridge MVP platform.

The press release noted, “Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members. More central banks and commercial banks can join the platform through the mBridge MVP legal framework and perform real transactions on it. Project expands international cooperation with a new full member and observers.”

The project aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.

Project mBridge was the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members.

The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities. It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays. Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement.

A platform based on a new blockchain – the mBridge Ledger – was built to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions. In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become an MVP – a stage now reached.

Four-founding participant central banks and monetary authorities have each deployed a validating node, while commercial banks have conducted more real-value transactions in preparation for the MVP release. In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform’s unique decentralized nature.

The MVP platform is enabled to undertake real-value transactions (subject to jurisdictional preparedness) and is also compatible with the Ethereum Virtual Machine. This allows it to be a testbed for add-on technology solutions, new use cases and interoperability with other platforms.

It is noteworthy that Qatar Central Bank recently launched its CBDC project for settling large payments with local and international banks.

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Cristiano Ronaldo and Binance launch Road to Saudi Arabia NFT collection

Cristiano Ronaldo and Binance launch Road to Saudi Arabia NFT collection

Cristiano Ronaldo has released his fourth NFT ( Non Fungible token) collection under the theme Road to Saudi Arabia. The NFT collection is in partnership with Binance. The exclusive NFT collection will be available only on the Binance NFT Marketplace.

As per Binance blog the campaign will run betwee May 29th and July 15th 2024, with the sales period ending on June 18th 2024.

The collection showcases seven unique NFTs, each representing a significant location in Cristiano Ronaldo’s decorated career — Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia and Portugal. Collectors can collect and earn utilities and rewards based on the number of unique NFTs they own from the collection.

The Road to Saudi Arabia” collection is as follows:

Madeira (2,800 Normal NFTs), Lisbon (2,300 Normal NFTs), & Manchester (1,700 Normal NFTs)

2024-06-06 14:00 (UTC) – 2024-06-18 23:59:59 (UTC)

Madrid (1,200 Normal NFTs), Turin (800 Normal NFTs), & Saudi Arabia (700 Normal NFTs)

2024-06-14 14:00 (UTC) – 2024-06-18 23:59:59 (UTC)

Portugal (7 Super Super Rare NFTs)

Note that while the number of Normal NFTs for each location differs, the price will be the same: 35 USDT (35 USD).

A total of four different rarity levels are available — Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N), and each rarity level will come with its own utility and benefits for NFT holders, as per the table below.

Web3 accelerator Startup Wise Guys launches construction tech fund in KSA

Web3 accelerator Startup Wise Guys launches construction tech fund in KSA

Startup Wise Guys, one of the most active accelerator funds in Europe and Africa, investing in Web3, SaaS, Fintech, cybersecurity, XR, sustainability, and Proptech verticals in more than 60 countries, has partnered with Saudi Arabia’s SEEDRA Ventures and under the sponsorship of KSA’s National Technology Development Program (NTDP), launch of the first Construction Tech Specialized Fund and Accelerator Program in Saudi Arabia.

The Construction Tech specialized fund, spearheaded by Startup Wise Guys, boasts two seasoned General Partners, Jourdan Younis and Aya Zaghnin. “We are thrilled to pioneer this transformative venture in Saudi Arabia’s burgeoning startup ecosystem,” remarks Jourdan Younis, General Partner, highlighting the fund’s commitment to driving meaningful change through technology.

“Aligned with the pivotal projects of Saudi Vision 2030, We are steadfast in our commitment to nurturing an environment primed for innovation and expansion within a sector craving transformative advancements, cost efficiencies, and scalability. Our aim is to actively contribute to providing cutting-edge technologies within the sector, fostering the growth and development of built assets in Saudi Arabia.” adds Aya Zaghnin, emphasizing the fund’s alignment with the nation’s vision for economic diversification and technological advancement.

The collaboration between Startup Wise Guys and SEEDRA Ventures marks a new update in Saudi Arabia’s startup ecosystem as well as its impact in the global startup ecosystem. The partnership combines Startup Wise Guys’ extensive experience as one of the most active accelerator funds in Europe and Africa with SEEDRA Ventures’ deep understanding of the Saudi Arabian market.

This initiative is further bolstered by the partnership between Startup Wise Guys and WZMH. WZMH will be working towards establishing a first satellite research and development lab – Sparkbird – in Riyadh and will focus on developing existing technologies for implementation in MENA and starting several new concepts working closely with government, private industry, and the educational sector in Saudi Arabia.

“The collaboration with SWG paves the way for bringing Sparkbird’s innovations, particularly those tailored for the Saudi construction market, into new partnerships with local institutions. Our inventions, including recent developments inspired by Saudi Arabia’s unique VISION 2030, align with the region’s demand for advanced Proptech and Contech solutions. This initiative represents a critical juncture where our commitment to smart building technologies and the specific requirements of Saudi Arabia meet, promising real groundbreaking advancements in the sector.” noted Mohammed Al Atheri and Zenon Radewych from WZMH about the initiative.

Accompanying the fund, Startup Wise Guys will be introducing their signature accelerator program in the region, which includes Web3. “With our extensive experience and robust network, we are poised to empower entrepreneurs and innovators in the Construction Tech space,” states Cristóbal Alonso, CEO at Startup Wise Guys, underscoring the accelerator program’s dedication to supporting startups in their growth journey.

Haitham Alforaih, Founding Partner at SEEDRA Ventures added “Saudi Arabia exemplifies the transformative power behind rapid development, and its construction sector serves at the forefront of this extraordinary progress. With substantial investments in infrastructure and mega-projects including NEOM and the Red Sea Development Project, the Kingdom is witnessing constant growth in construction activities. This growth presents opportunities for construction companies, specializing in cutting-edge technologies that increase productivity, improve safety and coordination, to support the Kingdom’s transformative era.”

Startups participating in the Accelerator Program will also have the opportunity to collaborate with experts and mentors from Startup Wise Guys’ extensive network, gaining valuable insights and guidance to scale their businesses globally.

The program which will include investments in Web3 startups, will be launched in Q3 of 2024. More information on how to apply will be launched soon.

This announcement comes after The Hashgraph Association partnership with the Ministry of Investment in KSA to launch a deep tech venture studio.

STC Pay to become STC Bank after regulatory approval

STC Pay to become STC Bank after regulatory approval

Saudi Arabian, stc pay, has received approval from the Saudi Central Bank to proceed with its transformation into STC Bank. This beta launch will enable selected users to upgrade their accounts from an stc pay digital wallet into an STC Bank account. They will also be provided an International Bank Account Number and additional banking services, according to a statement.

With the upgrade, the subsidiary of stc Group will provide Shariah-compliant banking services and financial solutions while ensuring the utmost security and customer protection through cutting-edge financial technologies.

This move aligns with the KSA’s broader fintech strategy and the goal of establishing the country as a global hub for financial technology and innovation. The digital wallet’s transition into STC Bank will be a significant addition to the Saudi banking sector.

The statement said that this beta launch is limited to preselected customers and is a preparation for a full public launch later this year.  

This aligns with the objectives of the Financial Sector Development Program, as retail consumer e-payments serve as a significant key performance indicator within the plan.    

Earlier this year, the General Manager of Binance in KSA noted that the KSA could be close to issuing crypto regulations. The move by STC Pay to become STC Bank and the recent moves by STC Bahrain into the blockchain and crypto arena is interesting to say the least.

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets a new Web3 deep tech accelerator through its recent partnership with Outlier Ventures. The Saudi National Technology Development Program (NTDP) and Outlier Ventures announced a new accelerator program in the MENA region, which marks the inception of the first deep tech web3 accelerator program in Riyadh. The accelerator will kick off later in 2024.

The MOU ( Memorandum of Understanding) aims to catalyze the growth of Web3 ecosystem Kingdom, aligning with Saudi Arabia’s Vision 2030 for technological and economic diversification.

The initiative seeks to nurture the most promising web3 startups within KSA, providing them with access to Outlier Ventures’ extensive expertise on critical aspects such as product development, entity structuring, and token design.

Startups selected for this accelerator program will benefit from mentorship by leading figures in the web3 domain and potential investment opportunities, a crucial step towards establishing a robust infrastructure for technological innovation in Saudi Arabia.

Outlier Ventures has developed partnerships with over 300 startups worldwide.

Stephan Apel, Outlier Ventures CEO and Founding Partner, noted, “We are honoured to partner with the National Technology Development Program (NTDP) of the Kingdom of Saudi Arabia. Under Vision 2030, the rapid pace of change and development is visible across all sectors of the economy. The achievements are testimony to the level of dedication and focus driving the Kingdom forward. Our strategic collaboration underscores our joint dedication to nurturing technological progress. We are looking forward to bringing our 10 years’ experience, in-house world-class expertise and track record of helping Web3 startups develop, to help build out the Web3 ecosystem in Saudi Arabia, providing support to early-stage entrepreneurs.”

While Mr. Ibrahim Neyaz, the CEO of the NTDP added, “We are thrilled to partner with Outlier Ventures to achieve the goals of this partnership by working together to support the ecosystem of technology startups in Saudi Arabia. This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. By harnessing their extensive global expertise and advanced capabilities in the Web3 industry, Outlier Ventures will bring tangible value and make significant contributions to enhancing the Kingdom’s technological infrastructure. This, in turn, will facilitate technological growth and innovation across various sectors. We eagerly anticipate achieving mutual success and cultivating a robust relationship that benefits all parties involved.”

Prior to this announcement, The Hashgraph Association (THA) launched a $250 million DeepTech Venture Studio in Riyadh. The proposed venture studio is dedicated to nurturing innovation in deep technology sectors such as AI, DLT, robotics, IoT, VR, and quantum computing.