- Cutting-edge DeepTech Venture Studio in Riyadh fuels innovation, backed by $250 million partnership with Saudi Ministry of Investment.
- Fintech Saudi and Kyndryl forge strategic alliance, driving tech-forward solutions in Saudi Arabia’s financial sector.
Nestled in the heart of Riyadh, Saudi Arabia, Switzerland’s Hashgraph proudly announces the inauguration of its ‘DeepTech Venture Studio’, a groundbreaking initiative aimed at fostering innovation and technology.
🚀 #Hedera (#HBAR) launches the DeepTech Venture Studio in Riyadh with a whopping $250 million investment, bringing cutting-edge technology like AI, blockchain, and quantum computing to Saudi Arabia's innovation scene! 💡💥 #TechInnovation #RiyadhTechHub #DeepTechVenture pic.twitter.com/Nbm7IPWUTA
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) February 6, 2024
This endeavor stems from a significant five-year partnership valued at $250 million with the Saudi Ministry of Investment, solidifying Hashgraph’s commitment to educational initiatives and skill development.
The official announcement of this collaboration came through a press release, marking a pivotal moment during the Saudi-Swiss roundtable held in Riyadh.
But what exactly does this mean for businesses?
The DeepTech Venture Studio is designed to cater to the needs of local Saudi enterprises and international players looking to establish a foothold in the Kingdom. Its core mission is to nurture pioneering solutions by harnessing cutting-edge technologies such as artificial intelligence, blockchain, robotics, Internet of Things (IoT), virtual reality (VR), and quantum computing.
In another stride towards technological advancement, Fintech Saudi and Kyndryl have inked a strategic partnership. The signing of the memorandum of understanding (MoU) on December 27, 2023, in Riyadh signifies a concerted effort to drive innovation within the financial services sector in Saudi Arabia.
This collaboration signifies a transformative shift in the Kingdom’s approach to technology adoption, particularly in the financial landscape. Kyndryl’s expertise in IT infrastructure services, coupled with Fintech Saudi’s focus on fostering entrepreneurship, paves the way for a dynamic ecosystem conducive to innovation and growth.
Together, these initiatives underscore Saudi Arabia’s vision to position itself as a leading hub for fintech innovation, unlocking new avenues for economic prosperity and technological advancement.