Standard Chartered and Falak Investment Hub have announced the successful completion of the “Standard Chartered Women in Tech” programme by selecting eight female-led startups through an independent panel of judges. The entrepreneurs, who underwent an 8-week incubator programme, showcased innovative ideas in various sectors, including fintech, health tech, property tech, and edutainment.
The top three startups were awarded $50,000 in equity-free cash rewards, with the first-place winner Sahm receiving $25,000, second-place Nqoodlet receiving $15,000, and third-place Chefaa receiving $10,000.
Awards were distributed during a special event last evening, under the patronage of Monsha’at and in the presence of its Deputy Governor, Saud bin Khaled Al-Sabhan.
All participating startups were granted educational opportunities on key entrepreneurship topics, guidance, and mentorship. Standard Chartered team provided financial and banking services expertise to the startups, while Falak utilized its experience in identifying and nurturing early-stage companies. The partnership used Falak’s vast network of investors, mentors, and industry experts, while also granting startups access to the Bank’s worldwide presence, which extends across more than 60 countries.
Mazen Al Bunyan, CEO of Standard Chartered Saudi Arabia, said, “The talent exhibited by Saudi women throughout this 8-week program has been extraordinary. We are immensely proud and honoured to have played a pivotal role in facilitating the digital transformation of business start-ups in line with the objectives of Saudi Vision 2030. As part of our global initiative, SC Women in Tech, we have successfully launched this program in Saudi Arabia, making it the seventh market within our network to offer such an opportunity”.
The global ‘Standard Chartered Women In Tech’ initiative is aimed at helping female entrepreneurs establish scalable digital businesses to contribute to the country’s economic diversification efforts. It is currently present in 7 countries, where Saudi Arabia is the latest addition.