DeepTech Innovation in Saudi Led by Hashgraph and MISA Collaboration

Author : Dency Emily | Published On : 07 Feb 2024

In a groundbreaking collaboration, the Hashgraph Association has joined forces with the Saudi Ministry of Investment (MISA) to introduce the DeepTech Venture Studio, a transformative initiative valued at an impressive $250 million over the next five years. This strategic partnership aims to be a catalyst for innovation within Saudi Arabia's tech sector, providing a significant boost for companies aspiring to lead the way in developing advanced solutions.

More than just a financial commitment, this collaboration underscores the shared vision of both entities to foster a dynamic environment for startups and entrepreneurs. With a clear focus on harnessing advanced technologies such as AI, blockchain, and robotics, the DeepTech Venture Studio is poised to pave the way for groundbreaking developments across various sectors.

The announcement aligns with the Saudi-Swiss roundtable meeting held in Riyadh, emphasizing the international dimension of this partnership. The studio's role is not confined to local initiatives; it serves as a global platform for technological advancement, empowering both local and global enterprises.

Additionally, the recent collaboration between Fintech Saudi and Kyndryl marks another milestone in the Kingdom's tech innovation journey. The Memorandum of Understanding (MoU) signed on December 27, 2023, signifies a strategic alliance poised to elevate financial technology innovation in Saudi Arabia. Leveraging Kyndryl's expertise in IT infrastructure services, this partnership is set to reshape the fintech landscape within the Kingdom.

These initiatives align seamlessly with Saudi Arabia's broader vision of becoming a leading fintech hub, where technology is a driving force for economic growth and innovation. The collaborations promise not only to invigorate the fintech sector but also to catalyze overall technological progress, ushering in a new era of innovation and economic growth in Saudi Arabia.