Riyadh Start-Up Wins Top Prize in Visa-Sponsored Competition
Amwal Tech, a start-up based in Riyadh, has emerged as the winner of the Saudi heat of the Visa Everywhere Initiative. The competition, which is sponsored by Visa, aims to improve digital shopping. Amwal Tech won a prize of SR150,000 ($40,000) for its all-in-one encrypted transaction and identity app that processes payments quickly and safely. The app is designed to provide a secure and convenient payment experience for users. The competition was open to firms from Bahrain and Oman as well as Saudi Arabia.
Lamaa and Monak Take Second and Third Places
Lamaa, a Saudi financial tech firm, was the runner-up in the competition and won prize money of SR100,000. The company also won a separate “social impact award” with a prize of SR50,000. Monak, a “digital lifestyle” company, came third in the competition and won SR50,000. The winners of the competition will also be given priority access to Visa’s network of partners in banking and government sectors.
Fascano and Daleel Win Omani and Bahrain-Based Contests
Fascano, an app that helps track orders, won the Omani contest while the price comparison app Daleel won first place among Bahrain-based firms. Both companies were awarded $40,000 in prize money. The winners of the national contests will compete in the Central and Eastern Europe, Middle East and Africa regional final on July 27. The first-place winner will receive SR75,000 and an “audience favorite” award offers a SAR37,500 prize. The winners will go on to the global finals on Sept. 19 at TechCrunch Disrupt in San Francisco.
Visa’s Regional General Manager for Saudi Arabia, Bahrain and Oman Praises the Quality of Entrants
Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain and Oman, praised the quality of entrants in the competition. He said he had witnessed “remarkable advancements in the Saudi fintech industry” and added that the presence of such outstanding fintechs and startups at this year’s VEI was truly exhilarating.
Director of Fintech Saudi Praises the Caliber of Saudi Entrants
Nezar Alhaidar, Director of Fintech Saudi, said the caliber of Saudi entrants this year was “deeply impressive.” He extended his warmest congratulations to Amwal and eagerly anticipated their representation of Saudi Arabia at the regional level.
Conclusion
The Visa Everywhere Initiative is a competition that aims to improve digital shopping. The competition is open to firms from different countries, including Saudi Arabia, Bahrain, and Oman. Amwal Tech, a start-up based in Riyadh, emerged as the winner of the Saudi heat of the competition. The company won a prize of SR150,000 ($40,000) for its all-in-one encrypted transaction and identity app that processes payments quickly and safely. The winners of the national contests will compete in the Central and Eastern Europe, Middle East and Africa regional final on July 27. The winners will go on to the global finals on Sept. 19 at TechCrunch Disrupt in San Francisco. The competition provides an opportunity for start-ups to showcase their innovative solutions and gain access to Visa’s network of partners in banking and government sectors.