RIYADH: A Riyadh start-up has won top prize in a Visa-sponsored competition that seeks to improve digital shopping.
Amwal Tech, which was set up last year, came top in the Saudi heat of the Visa Everywhere Initiative, taking a SR150,000 ($40,000) prize for its all-in-one encrypted transaction and identity app that processes payments quickly and safely.
Lamaa, a Saudi financial tech firm, was runner-up with prize money of SR100,000, and also won a separate “social impact award” with a SR50,000 prize. Monak, a “digital lifestyle” company, came third and won SR50,000.
The competition was also open to firms from Bahrain and Oman.
Fascano, an app that helps track orders, won the Omani contest while the price comparison app Daleel won first place among Bahrain-based firms. Both were awarded $40,000 in prize money.
Winners will also be given priority access to Visa’s network of partners in banking and government sectors.
The awards were presented at a ceremony in Riyadh on June 14.
Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain and Oman, said he had witnessed “remarkable advancements in the Saudi fintech industry.
“The presence of such outstanding fintechs and startups at this year’s VEI was truly exhilarating,” he added.
Amwal will now compete in the Central and Eastern Europe, Middle East and Africa regional final on July 27. First place is worth SR75,000 and an “audience favorite” award offers a SAR37,500 prize.
The winners will go on to global finals on Sept. 19 at TechCrunch Disrupt in San Francisco.
Nezar Alhaidar, Director of Fintech Saudi, said the caliber of Saudi entrants this year was “deeply impressive. We extend our warmest congratulations to Amwal and eagerly anticipate their representation of Saudi Arabia at the regional level.”