NCB Capital signed a memorandum of understanding with Mala’a Financial Technology Company, with the aim of facilitating and securing access to financial services, and increasing the flexibility of financial transactions.
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Financial Technology Company, with the aim of facilitating and securing access to financial services, and increasing the flexibility of financial transactions. NCB Capital and Mala’a comes in line with the objectives of the National Financial Technology Strategy set by Saudi Vision 2030, which aims to enhance the growth of the financial technology sector in the Kingdom, as it is one of the most important elements of the national economy.
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The announcement of this partnership came on the sidelines of the first edition of the “AlAhli Capital Forum for Investment Makers”, under which Mala’a customers will have access to AlAhli Financial funds and products. This access to advanced technologies and data-driven insights will help customers make the right decisions regarding their comprehensive financial planning.
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To enhance the effectiveness and efficiency of the financial services provided through “Mala’ah,” the investment team at NCB Capital will work to develop the current “automated advisor” service for the application, by providing it with the necessary expertise.
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This step is a major addition to the service offerings for individual investors in the Kingdom, and in turn stimulates the growth and progress of its financial markets. It is also considered a new step that contributes to the development of wealth management.
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In this context, the CEO of NCB Capital, Rashid Sharif, said: “National Capital is committed to supporting the financial technology sector, which it is working to achieve by providing innovative financial solutions that will empower customers and enhance national goals, by adopting… A combination of experience and financial technology in addition to artificial intelligence, which means that NCB Capital not only keeps pace with the new era of digital transformation, but also actively advances it, which represents a milestone in the development of the financial sector and provides new opportunities for growth.
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For his part, CEO of Mala’a Financial Technology, Ali Al-Arini, said: “We are happy today to announce our partnership with AlAhli Capital, which will support and enhance our vision of redefining wealth management for individuals in the Kingdom. Since Mala’a was established in October 2021, we have been working hard to provide a unique financial experience based on automation and achieving various financial goals for our clients, taking advantage of the latest technologies in open banking, artificial intelligence, and automated investment. This partnership will help us integrate value chains, raise efficiency, and reduce costs.”
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About Malaa
Founded in 2021, Malaa fills the gap in the current financial products offerings and advances cutting-edge technology adoption by providing data-driven financial products and services that serve end consumers and organizations. Malaa aims to be the go-to when it comes to financial decision making whether it’s saving, loans or investing
