1957 Ventures Company launches to Drive FinTech Innovation in Saudi Arabia, Supporting the Financial Sector Development Program as part of Vision 2030
In reference to the previously announced 1957 Ventures Fund, the fund is pleased to announce the establishment and launch of 1957 Ventures as a venture builder dedicated to fostering innovation in financial technology sector. The company will focus on building, launching and scaling FinTech ventures. The initiative is aimed at contributing to the realization of the Financial Sector Development Program (FSDP) goals as part of Vision 2030.
The 1957 Ventures Company Board of Directors comprises prominent leaders from the banking, innovation, business, and investment sectors in the Kingdom, including Mr. Nader Al-Koraya (Chairman), Mr. Mazen Pharaon (Vice Chairman), Mr. Omar Al-Madhi, Mr. Abdullah Al-Oraini, and Mr. Qaiser Noor.
Mr. Emad Kashgari, a seasoned professional with over 15 years of experience in digital innovation, venture building and venture capital has been appointed as the company’s Chief Executive Officer. Mr. Kashgari has a proven track record in driving and activating digital innovation strategy in the banking sector, building up the entrepreneurial ecosystem in the region, driving successful technological innovations, sizable VC investment rounds, and managing multi-million-dollar tech projects.
1957 Ventures Company is committed to building innovative FinTech ventures and models to accelerate the Kingdom’s digital transformation. It aims to foster financial innovation, champion financial inclusion, and empower businesses and individuals, playing a pivotal role in shaping the future of banking and finance in Saudi Arabia. 1957 Ventures Company will provide comprehensive support to its portfolio ventures, including funding, mentorship, technical expertise and access to market and resources.
“This is a significant step forward in our commitment to fostering a thriving FinTech ecosystem in Saudi Arabia,” said Mr. Nader Al-Koraya, Chairman of the Board. “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.”
“1957 Ventures stands at the forefront of Saudi Arabia’s FinTech revolution, aiming to transform not only our financial landscape but to also set a global benchmark in financial innovation,” stated Mr. Mazen Pharaon, Vice Chairman of the Board. “Our strategic initiatives and the launch of 1957 Ventures Company are aligned with the digital transformation in the region. This venture builder will harness the potential of emerging technologies to foster a resilient and inclusive financial ecosystem, ensuring that we meet and exceed the objectives set forth within Vision 2030.”
“We are dedicated to leveraging our expertise and resources to establish a new generation of Saudi unicorns and FinTech companies,” said Mr. Emad Kashgari, CEO of 1957 Ventures. “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. We aim to generate quality employment opportunities and direct positive contribution to the Kingdom’s GDP.”
1957 Ventures is committed to investing in talent development and building a solid foundation for the future of FinTech in Saudi Arabia. The company aims to foster innovation in the financial technology domain, empower startups and entrepreneurs, and accelerate the financial sector’s digital transformation. Its efforts will contribute to achieving FSDP goals within Vision 2030, creating a more vibrant and inclusive financial sector for all.
