Popular PoS Blockchain firm, Hedera has secured a $250 million partnership deal with Saudi Ministry of Investment and Hashgraph. The firm confirmed the development in a post on its official Twitter page. Through the collaboration, a DeepTech venture studio will be launched in Riyadh, Saudi.
Worth noting that Hashgraph is a non-profit organization that supports various training and educational programs. As revealed, the terms of the deal was agreed during the Saudi-Swiss roundtable meeting in Riyadh.
The emergence of the DeepTech Venture Studio will help empower local companies in the region. The studio will also encourage international companies who have interest in operating in Saudi. When launched, the studio will develop innovative solutions to harness the benefits that come with artificial intelligence, blockchain, robotics, Internet of Things, virtual reality, and quantum computing.
Saudi Arabia seeking to facilitate the adoption of technologies in its financial sector
Without a doubt, Saudi Arabia has been showing great commitment to facilitating technological innovations in its financial sector. Recently, Fintech Saudi signed a partnership deal with Kyndryl. According to the MoU signed by the parties on December 27, 2023, the partnership would advance technological adoption among Fintech entrepreneurs and startups in the region.
Worth noting that Kyndryl is a leading IT infrastructure service. As such, its partnership with such a firm signifies its commitment to ensuring technological progress in the financial sector of Saudi Arabia. Similarly, the collaboration also opens doors for innovations, boosting the Fintech ecosystem in the region.
In October 2023, popular metaverse firm, Animoca Brands also collaborated with NEOM to foster web3 and Fintech development in Saudi Arabia. Through the partnership, NEOM invested not less than $50 million into Animoca brands.
Half of the investment has been injected in Saudi Arabia’s Web3 development while the remaining half was used to purchase Animoca Brands’ shares. Also, in 2023, Animoca Brands partnered with STC Play to develop Web3 video games in MENA.