Saudi Arabia’s financial technology sector is witnessing increased interest from artificial intelligence startups, aiming to capitalize on the industry’s rapid growth.
Singapore-based AI startup Dyna.Ai, currently operating in seven countries, is shifting its focus to the Saudi fintech market with plans to establish a local office to strengthen its presence. Tomas Skoumal, chairman of Dyna.Ai, disclosed in an interview with Arab News that the company is in the process of registering in Saudi Arabia.
“We are actively securing our registration, which we anticipate completing within the next quarter. The feedback from our partners in Saudi Arabia has been extremely positive, and we look forward to establishing a physical presence soon,” Skoumal stated.
Dyna.Ai’s strategy includes opening a local office and hiring talent within the Kingdom, underscoring its commitment to the region. “Saudi Arabia is a crucial part of our global growth strategy. We are committed to supporting job creation and forging long-term partnerships with our clients,” Skoumal added.
The company aims to address the financial sector’s challenges by providing comprehensive AI solutions for customer acquisition, marketing, risk management, and operational productivity. Dyna.Ai’s Result-as-a-Service business model ensures clients derive tangible benefits from their products.
“We collaborate with traditional banks, digital banks, fintech, insurtechs, and other sectors, offering various AI-powered solutions,” Skoumal explained. The company’s immediate goals include embedding AI solutions within the financial sector and hiring local talent to support operations.
Skoumal highlighted the potential impact of AI on the Middle East, projecting a $320 billion influence, with Saudi Arabia expected to see gains of $135.2 billion. “By investing in domestic talent and continuously upskilling them, we are excited about the opportunities to demonstrate Saudi Arabia’s commitment and leadership in the global AI ecosystem,” he emphasized.
Dyna.Ai is already engaging with government-backed institutions and semi-government entities to tailor its solutions for the Kingdom. The company’s growth objectives for the next year include launching the office, expanding their product portfolio, and deepening industry expertise in Saudi Arabia and the broader Middle East and North Africa region.
“To achieve these objectives, we will invest in our local team and collaborate with government, local partners, academic institutions, and research organizations,” Skoumal said. The company has introduced new products tailored for the Saudi market, including Dyna Avatar and Dyna Athena, designed to enhance customer interaction in local dialects.
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