Riyadh - Sharikat Mubasher: The 1957 Ventures Fund, which was established last May, announced the launch of the 1957 Ventures Company as a venture builder designed to foster innovation in the fintech sector in Saudi Arabia, a recent statement unveiled.
The new company will focus on building and scaling fintech ventures while contributing to realizing the Financial Sector Development Program (FSDP) goals, in conjunction with Vision 2030.
The Board of Directors of the 1957 Ventures Company encompasses leaders from the banking, innovation, business, and investment sectors, including Nader Al-Koraya as a Chairman and Mazen Pharaon as a Vice Chairman, along with board members Omar Al-Madhi, Abdullah Al-Oraini, and Qaiser Noor.
Emad Kashgari, a seasoned professional with over 15 years of experience in digital innovation, venture building, and venture capital, was appointed as the company’s CEO.
The 1957 Ventures Company will focus on building innovative fintech ventures and models to expedite the Kingdom’s digital innovation. It aims to enhance financial innovation, champion financial inclusion, and empower businesses and individuals.
Further, the company will provide comprehensive support to its portfolio ventures, including funding, mentorship, technical expertise, and access to market and resources.
Chairman Al-Koraya described the launch of the 1957 Ventures Company as a significant step forward in fostering the fintech ecosystem in Saudi Arabia.
“We believe that by empowering entrepreneurs and providing them with the tools they need to succeed, we can drive innovation and create new opportunities for economic growth,” Al-Koraya added.
Meanwhile, Vice Chairman Pharaon affirmed that the company will harness the potential of emerging technologies to promote a resilient and inclusive financial ecosystem, in alignment with Vision 2030.
For his part, CEO Kashgari stated that the company aims to generate quality employment opportunities and direct positive contributions to the Kingdom’s gross domestic product (GDP).
“Having a dedicated investment fund, as well as a venture building setup, ensures the provision of direct financial support through the growth stages. Prioritizing breakthrough innovative methodologies in the establishment and support of these companies will have a positive impact on the economy and society,” Kashgari elaborated.
The 1957 Ventures Company targets investing in talent development, empowering startups and entrepreneurs, and accelerating the financial sector’s digital transformation.