Switzerland’s Hashgraph Launches DeepTech Venture Studio in Riyadh

Bits Logics Team . 06th Feb 2024

• Hashgraph has announced the launch of the DeepTech Venture Studio in Riyadh.
• This initiative comes as part of a five-year agreement valued at $250 million with the Saudi Ministry of Investment.
• The DeepTech Venture Studio aims to empower local Saudi companies, as well as international entities seeking to operate within Saudi Arabia.

Hashgraph, a non-profit organization dedicated to supporting training and educational programs, has announced the launch of the DeepTech Venture Studio in Riyadh, the capital of Saudi Arabia. This initiative comes as part of a five-year agreement valued at $250 million with the Saudi Ministry of Investment.

During a Saudi-Swiss roundtable meeting in Riyadh, an agreement was signed between Hashgraph and the Ministry of Investment, marking a significant step towards fostering technological innovation in the Kingdom.

The DeepTech Venture Studio aims to empower local Saudi companies, as well as international entities seeking to operate within Saudi Arabia. It will focus on developing innovative solutions utilizing cutting-edge technologies such as artificial intelligence, blockchain, robotics, Internet of Things, virtual reality, and quantum computing.

In another stride towards technological advancement, Fintech Saudi and Kyndryl have forged a partnership through a memorandum of understanding signed on December 27, 2023, in Riyadh. This collaboration signifies a concerted effort to promote advanced technological adoption among fintech entrepreneurs and startups in Saudi Arabia.

Kyndryl, renowned for its expertise in IT infrastructure services, brings its capabilities to the table, enhancing the technological landscape of the financial sector. The partnership underscores the growing significance of fintech in the region and aligns with Saudi Arabia’s vision to become a leading fintech hub.

The strategic alliance between Fintech Saudi and Kyndryl is poised to catalyze innovation and drive development within the local fintech ecosystem. By nurturing and scaling innovative fintech solutions, the collaboration aims to bolster Saudi Arabia’s position as a frontrunner in financial technology.

Overall, these initiatives reflect the Kingdom’s commitment to fostering technological innovation and positioning itself as a hub for cutting-edge advancements in various sectors, including finance and deep technology.