RIYADH: Saudi-based venture capital studio BIM Ventures has signed an agreement with a unit of Standard Chartered to drive digital transformation and growth in the Kingdom.
The memorandum of understanding was inked with SC Ventures on the sidelines of the 24 Fintech conference in Riyadh.
The agreement aims to accelerate the growth of innovative startups by blending SC Ventures’ global expertise with BIM Ventures’ regional market insights.
This strategic partnership represents a crucial milestone in advancing innovation and realizing the goals of Saudi Vision 2030, as cultivating an entrepreneurial ecosystem that drives economic and technological growth secures the Kingdom’s alignment with its objectives.
“We’re announcing an MoU with BIM Ventures, which is a venture building lab located here, looking forward to essentially building businesses in this particular market, and we both bring very, different things to the table, obviously, but in the same time, very much often of an alignment of mindset in terms of how we building things,” Alex Manson, CEO of SC Ventures told Arab News in an interview.
He added: “We are focused on some of the same themes, which is, serving clients in financial services the way they need and want to be served in this market.”
This collaboration will develop, co-create, and scale new ventures to tackle major industry challenges and drive sustainable regional impact and growth.
The two companies will also work together to create innovative technological solutions that address the market’s evolving needs, focusing on sectors such as fintech, property, and investment technology.
Through this collaboration, joint projects will be identified and implemented to support the growth of startups and foster an innovative entrepreneurial environment.
“Our partnership with SC Ventures represents a strategic step toward localizing global expertise in banking and financial technology to meet the needs of the Saudi market,” Mohamed Amine Merah, managing partner and CEO of BIM Ventures, said.
He added: “We will build and invest in joint projects to develop innovative financial solutions, increase the Saudi market’s attractiveness to investors, and contribute to sustainable economic growth.”
Manson further elaborated that the MoU goes beyond merely funding new ventures; it represents a comprehensive approach to building and scaling startups.
“I expect we’re going to be very much present in Saudi, specifically with building a business, looking for partners as I speak. That’s why I’m here today,” Manson said.
This includes providing financial investment and contributing valuable talent, expertise, and hands-on support.
“Actually, It’s for both, across operational people and go-to-market issues and everything, and that’s what venture building entails and expect to do exactly,” Manson said.
During the interview, the CEO pointed out that companies started by women often struggle more than those launched by men to secure funding.
However, he highlighted that startups with male and female co-founders tend to excel in fundraising, saying this “is an interesting take on diversity as a separate matter.”
He added: “I would expand the point of diversity by saying that it’s gender diversity. It’s background diversity. it's different ways of thinking, and making sure of that, but someone else can come and complement you, and so mixing up different people with very different backgrounds, gender included, but not limited to, that is where the magic happens.”
Manson then emphasized that ventures with diverse teams — composed of individuals with different backgrounds and perspectives — tend to perform significantly better than those led by a homogenous group.
When a team is made up of similar people, they might suffer from “groupthink,” where they miss important insights and opportunities due to a lack of varied viewpoints.
