Riyadh, Saudi Arabia — Mar 16, 2023: Lean Technologies, a leading Open Banking platform headquartered in Riyadh, announced today that it has signed five Memorandums of Understanding (MoUs) at the Financial Sector Conference (FSC) in Riyadh. The collaborations will entail working with Fintech Saudi and prominent fintechs in Saudi Arabia, including Manafa, Tabby, Tamara, and Circlys.
The collaborations will enable Lean to expand access of its Open Banking products to Saudi businesses and help them build new and innovative fintech solutions for consumers. The partnerships with other fintech companies cover a range of areas, including agreements to help lenders get secure access to customer’s data through the Open Banking infrastructure and framework.
“We are thrilled to sign these collaborations that represent a major milestone in our commitment to become the champion for financial technology and financial change in the region. ,” said Hisham Al-Falih, CEO of Lean Technologies. “These collaborations will allow us to leverage our expertise as the most trusted Open Banking platform and create products that are localized to the needs of the market. We look forward to working with our partners to drive innovation and growth across the financial sector in Saudi Arabia and beyond."
Lean also signed an MoU with Fintech Saudi – the government's initiative for the development of the fintech ecosystem that is part of the FSDP program – to offer a bespoke startup program that will include dedicated product support and access to Lean’s experienced team, accelerating the growth of fintechs in Saudi Arabia.
The partnerships were signed at the FSC, which brought together local and international stakeholders across the financial sector in Riyadh. Some of FSC’s partners include Saudi Central Bank (SAMA), Ministry of Finance, and the Capital Market Authority. Lean was also selected to present its developer-friendly API suite to conference attendees.
Lean Technologies, which has been operational in the UAE since April 2021, has a growing client base of over 100 clients, ranging from fintech startups to enterprise companies. Some of their early clients include Buy Now Pay Later providers such as Tabby, Tamara and Spotii, trading companies including Sarwa and Baraka, and various other enterprises such as Etisalat, Binance, and Noon.
About Lean Technologies
Lean enables companies to seamlessly connect to their users’ bank accounts to initiate real time payments and retrieve their account information. The company’s mission is to enable the next generation of financial innovation across MENAP. The company has been built on the foundation that the customer should be in the driver's seat of their data and should have the authority to send payments directly from their bank account to a merchant or third party without any friction.
Lean’s products have garnered the trust of leading companies and enabled them to deliver powerful experiences when connected with a user’s bank account; allowing users to perform prudent financial planning, get better rates on loans, transfer money to friends and more, with enhanced focus on privacy or security. The company has now processed hundreds of millions of dollars, and its products are also connected with hundreds of thousands of accounts.
With offices in Riyadh, Dubai, and London, Lean is rapidly expanding its geographical footprint and product suite in line with the evolving needs of the market. You can visit Lean’s website here.