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SAMA’s New Initiatives Boost KSA’s Financial Landscape
CAIRO: Saudi Arabia’s financial technology sector is attracting a new generation of artificial intelligence startups aiming to participate in an already booming industry.
With a presence in seven countries, Singaporean AI-powered startup Dyna.Ai is shifting its focus to the Saudi fintech market, aiming to consolidate its local presence with a national office.
In an interview with Arab News, Tomas Skoumal, president of Dyna.Ai, shared that the company is in the process of registering in the Saudi market.
“We are already in the process of securing our registration, which we hope will be completed in the next quarter. Feedback from our partners in Saudi Arabia has been extremely encouraging and we hope to have a physical presence very soon,” said Skoumal.
The company plans to establish a local office in the Kingdom, reflecting its commitment to the region.
“We will have an office there and hire locally. Saudi Arabia is a crucial part of our global growth strategy and we are committed to supporting job creation as well as building long-term partnerships with our customers,” he said.
“The financial sector faces numerous challenges and companies need to quickly accelerate their transformation through the digitalization of services to meet the needs of modern customers,” explained Skoumal.
Dyna.Ai offers solutions that address these challenges, providing end-to-end product offerings for customer acquisition, marketing, risk management and operational productivity.
Skoumal noted that the company’s Result as a Service business model is designed to ensure customers gain tangible benefits from deploying its products.
“We work with traditional banks, digital banks, fintechs, insurtechs and other sectors, providing various AI-based solutions,” he said.
Dyna.Ai’s immediate goals include embedding AI solutions at the heart of the financial sector and hiring local talent to support its operations.
Incorporating AI into fintech
“By investing in homegrown talent with a commitment to constantly upskilling them, we are excited about the opportunities to demonstrate Saudi Arabia’s commitment and industry leadership in the global AI ecosystem,” Skoumal emphasized.
The company’s long-term vision involves creating a significant impact on the Saudi financial services sector, which is expected to significantly benefit from advances in AI.
“Artificial intelligence solutions are expected to create a $320 billion impact in the Middle East, with the biggest gains of $135.2 billion expected in Saudi Arabia,” noted Skoumal.
Dyna.Ai’s expansion strategy in Saudi Arabia includes a strong local presence and collaboration with government bodies.
We work with traditional banks, digital banks, fintechs, insurtechs and other sectors, providing diverse AI-based solutions.
Tomas Skoumal, President of Dyna.Ai
Skoumal explained that the company is already in talks with government-supported institutions and semi-governmental entities to adapt its solutions to the Kingdom.
The company’s growth objectives for the coming year include launching the office, expanding its product portfolio and deepening industrial expertise in Saudi Arabia and the wider Middle East and North Africa region.
“To achieve these goals, we will invest in our local team and collaborate with government, local partners, academic institutions and research organizations,” said Skoumal.
Dyna.Ai has also introduced new products tailored specifically for the Saudi market, including Dyna Avatar and Dyna Athena, which are designed to improve customer interaction and communication in local dialects.
“The operating environment for AI businesses is constantly changing, and across the world where we operate, we ensure we are working closely with policymakers to ensure alignment with local regulations,” explained Skoumal.
He further praised Saudi Arabia’s advanced and welcoming regulations in the fintech sector, which allow companies to operate in a sandbox while testing services and solutions.
The Saudi market is key for Dyna.Ai due to its rapid adoption of innovative AI solutions and its young, tech-savvy population, Skoumal explained.
“Saudi Arabia is one of the most interesting markets for technology companies in the Middle East. The pace of change and adoption of innovative AI solutions is not only inspiring, but extremely exciting,” he said.
“In addition, the Kingdom is home to one of the youngest populations in the region, with 63 percent under the age of 30,” Skoumal highlighted.
He added that the Kingdom’s geographic location and its role as the region’s largest economy make it an ideal hub for driving AI adoption in the Middle East.
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The company’s growth objectives for the coming year include launching the office, expanding its product portfolio and deepening industrial expertise in Saudi Arabia and the wider Middle East and North Africa region.
Assessing the current market scenario, Skoumal noted: “The AI sector across the world, and in Saudi Arabia, is still at an early stage. However, the progress of technology is fascinating, with incredible advances in very short periods.”
“AI is expected to create a multi-billion dollar impact on the Saudi economy by 2030, and by investing early in the Kingdom, we believe we will be well positioned to empower work and enrich lives,” he said.
Dyna.Ai aspires to not only provide advanced solutions for the financial sector, but also equip young Saudis with cutting-edge skills and access to technology. Looking at future industry trends, Skoumal highlighted several opportunities.
“The AI and fintech landscape is constantly evolving, with new technologies, competitors and regulatory requirements emerging regularly. We see a growing demand for AI-based solutions across industries, the expansion of AI applications into new areas, and the emergence of new technologies and business models,” he said.
These trends present significant opportunities for Dyna.Ai.
“We are continually investing in the local market, rapidly refining our localized solutions, establishing a more professional local team and developing collaborative models that align with local requirements. This approach allows us to maximize our use of these opportunities,” said Skoumal.
Business Fundamentals
Regarding profitability, Skoumal stated: “We have a strong unit economics and robust fundamentals. At the moment our focus is on growth and implementing our solutions with customers. As with the enterprise technology sector, profitability will be achieved as we grow, and our global expansion is a crucial part of that.”
The motivation behind founding Dyna.Ai stemmed from Skoumal’s extensive experience in the global financial sector.
“Financial institutions are often slow to adopt modern technologies due to concerns about security, regulations, deployment and other factors,” he noted.
While Dyna.Ai is well capitalized and focused on growth, expansion and local hiring, Skoumal emphasized that the company is continually looking for opportunities to innovate and refine its solutions.
“We are extremely proud of the fact that 50 percent of our workforce is dedicated to research and development efforts, which means we are able to constantly innovate while also bringing new solutions and updates to market very quickly,” highlighted.