The Small and Medium Enterprises General Authority (Monsha'at) concluded its FinTech Hackathon at the SMEs Support Center in Riyadh, crowning three winning projects following a three-day event organized in cooperation with the Saudi Investment Bank and The Financial Academy to drive entrepreneurial development in the sector.

A total of 17 shortlisted companies competed in the hackathon out of more than 50 applicants. Over 16 specialized advisors and mentors delivered more than 120 counseling sessions focused on building ideas and projects, elevating their commercial and operational readiness, and preparing final project presentations for the judging panels to select the winning companies.

The hackathon covered key subsectors including payments and transfers, insurance, digital banking, investment and wealth management, as well as regulatory technology and compliance. Winning companies secured incubation opportunities at the Innovation Center, along with direct pitch opportunities to prospective investors and financing entities to connect them with the financial ecosystem.

The initiative reflects Monsha'at's commitment to empowering small and medium-sized enterprises in high-growth sectors by providing advisory and development programs, facilitating capital access, and boosting local market competitiveness.