Visa, the world’s leader in digital payments, has announced the winners of the Saudi Arabia edition of its 2023 Visa Everywhere Initiative (VEI), a global innovation programme and competition for startups and fintech companies.
This second year of the Saudi Arabia edition of VEI was open to fintechs in Saudi Arabia and, for the first time, Bahrain and Oman.
An in-person final event was held in Riyadh last week where the shortlisted fintechs from the three countries competed for monetary prizes, and access to Visa’s vast networks of partners in the banking, merchant and government sectors.
Daleel won first place among Bahrain-based fintechs and prize money of BD15,000 ($40,000). Founded in 2022, Daleel is an interactive platform which allows individuals to search, compare and find the right financial products including credit cards, personal loans, car loans and deposit and savings accounts.
This year’s edition of VEI also introduced an Impact Award to the competitor whose solution has a positive social impact on local communities. Examples include initiatives that boost financial inclusion, promote sustainability, or safeguard the environment.
Saudi-based Lamaa – which provides SMEs with technological, financially-inclusive embedded finance and payment solutions, won the Impact Award of BD4,900 ($13,000).
Visa’s country manager for Bahrain Malak Alsaffar commented: “Bahrain is home to a vibrant fintech scene, and so we’re delighted to have brought our Visa Everywhere Initiative for the first time to the kingdom. The competition between the shortlisted fintechs and startups at this year’s edition made for a truly exhilarating final event and we thank them all for participating. I want to congratulate Daleel on a well-deserved win and we look forward to working with them to bring the best of digital commerce to consumers and businesses in Bahrain.”
Each of these finalists presented their solutions to the payment challenges of tomorrow to an expert panel of judges which included: Saudi Arabia’s Ministry of Communications and Information Technology director of entrepreneurship enablement Nasser AlKathiri, Central Bank of Oman acting general manager for payment Firas Al Lawati, Central Bank of Bahrain FinTech and Innovation Unit director Yasmeen Al-Sharaf, Fintech Saudi Director Nezar Alhaidar, Visa CEMEA region vice president for inclusive impact and sustainability Carl Manlan, Visa’s regional general manager for Saudi Arabia, Bahrain and Oman Ali Bailoun.
The focus of this year’s competition is on enablers of digital services and digital issuers, digital issuance, value-add for merchants and/or consumers in the finance space and small- and medium-sized business recovery.
Three new categories were introduced this year: sustainable fintech, risk and urban mobility.
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