As per a statement issued by Saudi Future on X, Switzerland-based Hashgraph has introduced its DeepTech Venture Studio in Riyadh.
Hashgraph, a non-profit organization, provides support for educational and training initiatives.
This occurred in accordance with a $250 million agreement concluded with the Saudi Ministry of Investment and spanning five years. The agreement was formally signed at a meeting between Saudi Arabia and Switzerland that was convened in Riyadh.
The DeepTech Venture Studio, which is being built specifically to support Saudi domestic companies and international organizations considering establishing offices in the Kingdom, was highlighted in the report.
The studio will be dedicated to the creation of groundbreaking solutions by leveraging state-of-the-art technologies including blockchain, artificial intelligence, the internet of things, virtual reality, and quantum computation.
In order to foster technological innovation in the realm of financial solutions, Kyndryl and Fintech Saudi have established a partnership. The agreement was formally signed in Riyadh on December 27, 2023. The collaboration is poised to play a pivotal role in fostering the adoption of cutting-edge technologies among fintech firms and entrepreneurs operating in Saudi Arabia.
This development marks a fresh start for Saudi Arabia’s commitment to advancing technological advancements in the financial sector. Kyndryl is engaged in the provision of IT infrastructure solutions; furthermore, the partnership with Fintech indicates that the value of Fintech is rising in the Kingdom.
Furthermore, this will establish a pathway for additional innovation and progress. It will contribute to bolstering the Saudi Arabian fintech ecosystem. All of this aligns with the Kingdom’s objective of emerging as the preeminent hub for Fintech.