NEWS
SAP partners with Saudi Cloud Computing Company to host solutions locally
This agreement aligns with Saudi Arabia ’ s push to establish a robust digital economy , encourage innovation , and facilitate customary practices . It also underscores the endeavours that contribute to realising Saudi Arabia ’ s Vision 2030 objectives concerning digital transformation . The primary goal is to take a significant step in the ongoing efforts to activate a highly efficient digital system in Saudi Arabia . Through this partnership , new avenues for collaboration and opportunities will emerge in the business sector , enabling substantial growth by fostering innovation and deploying cutting-edge digital solutions in accordance with the needs of local companies .
SAP and Saudi Cloud Computing Company , a subsidiary of stc Group , recently formed a significant partnership focused on strengthening collaboration in the realm of digital transformation in Saudi Arabia . As part of this partnership , SAP solutions will be hosted locally in SCCC data centres , providing enhanced data security .
The collaboration allows businesses to utilise the SaaS model by leveraging SAP ’ s advanced features that come with an ERP system . The innovation is hosted on a secure , integrated infrastructure , reducing latency and data sovereignty issues .
Talal Al Bakr , CEO of SCCC , said : “ The partnership between SCCC and SAP is set to revolutionise the digital landscape in the region with the use of the Alibaba Cloud Computing Technology . This pioneering platform is more than just an IT solution ; it presents a unique opportunity for businesses to establish themselves in Saudi Arabia by providing a platform that fosters innovation , encourages healthy competition , and facilitates rapid growth . By leveraging the power of this technology , we are creating a future that aligns with Vision 2030 .”
Mohammed AlRomaizan , Vice President , SAP Saudi Arabia , commented : “ Our partnership marks a crucial moment in the technology integration and innovation landscape .”
Global insurtech firm Democrance enters Saudi with funding from Wa ’ ed Ventures
Democrance , the global insurtech firm with a mission to make insurance accessible and affordable for those who need it most , announced its expansion strategy in Saudi Arabia following the launch of the company ’ s Riyadh headquarters .
Supported by investment from Wa ’ ed Ventures , Saudi Arabia-based venture capital arm of Saudi Aramco , and Global Ventures , the move is designed to support Saudi Arabia ’ s economic aspirations .
Democrance ’ s Saudi expansion aligns with the principles of the Financial Sector Development Programme , FSDP , a critical part of Saudi Vision 2030 that collaborates with bodies such as the Saudi Central Bank , and the Capital Market Authority , to enhance the country ’ s financial sector industry .
Democrance helps insurers increase their
digital sales and access new customer segments . With its B2B white-label SaaS technology platform , insurance products and digital sales channels can be launched in a few weeks , without impacting any legacy IT system . P & C , Life and Health insurance products are currently supported on the platform . Outside of Saudi Arabia , Democrance is active in 15 other markets in the Middle East , Africa , Southeast Asia , and Latin America .
“ The FSDP plays a crucial role in shaping Saudi Arabia ’ s FSI sector ,” said Hussain Almarhoon , Founding Managing Partner of HALA Ventures and Chairman of the newly created regional HQ , Democrance Saudi Arabia .
“ Achieving financial inclusion is a global mission and one that is incredibly important to spread in the region . Democrance has shown great potential to elevate available insuretech products , and we are excited to partner with them on their journey to diversify and digitise insurance solutions ,” said Mazen Alasnag , Head of Venture Growth at Wa ’ ed Ventures .
12 INTELLIGENTCIO MIDDLE EAST www . intelligentcio . com