Al Ahli Financial Company, the largest asset manager in the Kingdom of Saudi Arabia, has signed a memorandum of understanding with Malaa for Financial Technology.
The aim is to facilitate and secure access to financial services and enhance the flexibility of financial transactions.
The announcement of this partnership was made on the sidelines of the first edition of the “Al Ahli Financial Investment Forum” in the capital city of Riyadh. Through this collaboration, customers of Malaa will have access to Al Ahli Financial’s funds and products.
This access to advanced technologies and data-driven insights will assist customers in making informed decisions regarding their comprehensive financial planning.
In order to enhance the effectiveness and efficiency of financial services provided through Malaa, the investment team at Al Ahli Financial will work on developing the current “Robo-advisor” service of the application by providing it with the necessary expertise.
This step is a significant addition to the service offerings for individual investors in the Kingdom, stimulating the growth and advancement of its financial markets, and contributing to the development of wealth management.
This collaboration between Al Ahli Financial and Malaa is in line with the goals of the National Financial Technology Strategy outlined in Saudi Vision 2030, aiming to enhance the growth of the financial technology sector in the Kingdom as a crucial element of the national economy.
The strategy has set ambitious goals, including the establishment of 525 specialized companies in the financial technology field, the creation of 18,000 jobs through this sector, as well as contributing 13.3 billion Saudi riyals to the Kingdom’s Gross Domestic Product and attracting 12.2 billion Saudi riyals in foreign investments to the sector by 2030.
