Riyadh - Sharikat Mubasher: Riyad Capital, the investment arm of Riyad Bank, launched a closed-end investment fund, named 1957 Ventures, to accelerate the growth of the Saudi fintech sector, a recent statement revealed.

Backed by Riyad Bank, the fund aims to drive the development of the financial sector and promote innovation and competitiveness within the Kingdom.

Launching this new fund underpins Riyad Bank and Riyad Capital’s dedication to accelerating digital transformation in the Kingdom by creating opportunities for innovative business models.

Nadir Al-Koraya, CEO of Riyad Bank, stated that 1957 Ventures builds upon the bank’s track record of supporting leading-edge initiatives in the fintech sector.

“By empowering startups and entrepreneurs, we fuel Saudi Arabia's economic growth and diversification, aligning with the bold ambitions of Vision 2030. While proud of our past impact, we recognize the vast potential still ahead and are dedicated to fostering sustainable growth," Al-Koraya said.

Meanwhile, Abdullah Alshwer, CEO of Riyad Capital, commented: "The 1957 Ventures fund embodies a forward-thinking financial vision aligned with the Kingdom's ambitious digital transformation goals, this fund signifies a strategic investment in the future of Saudi fintech.”

Riyad Capital is one of the innovative and leading companies in asset management and alternative investments.