Noha Gad

The Saudi fintech sector is rapidly evolving, driven by the Saudi Vision 2030 agenda, which emphasizes digital transformation, financial inclusion, and economic diversification. With a tech-savvy young population and supportive regulatory reforms, Saudi Arabia has become a fertile ground for innovative fintech solutions that integrate technology with customer-centric services.

Among the pioneering players shaping this dynamic ecosystem is Madkhol, a Shariah-compliant fintech company specializing in financial planning and wealth management. Focused on expanding financial inclusion among younger generations, Madkhol offers innovative technology-based financial solutions with a commitment to financial wellness. 

In this interview, Sharikat Mubasher speaks with Saad Bin Atyan, Co-founder and CEO of Madkhol, to explore the company’s innovative approach, diverse product offerings, and future growth plans, as well as insights into its recently launched ‘Ratibi+’ program.

What are the key services that distinguish Madkhol from traditional fintech and investment companies in Saudi Arabia? 
Madkhol stands out by bridging fintech innovation with human-centered solutions. Unlike traditional players, we focus not only on investment returns but also on financial wellness and employee loyalty. Our services integrate robo-advisory, Sharia-compliant portfolios, and employee-focused products like Ratibi+, giving us a unique position at the intersection of wealth management and workforce engagement.

How does Madkhol utilize AI and robo-advisory solutions to empower investors in Saudi Arabia and beyond?
Our AI-powered robo-advisory analyzes market trends, personal preferences, and risk profiles to build tailored portfolios. This ensures that every investor, from a first-time saver to a high-net-worth client, receives guidance at scale. AI also enables us to automate rebalancing, forecast scenarios, and provide personalized insights in real time, making wealth management more inclusive and accessible.

Earlier this year, Madkhol raised $2.2 million in a seed round to develop its AI-powered solutions. What are the company’s plans to expand its product portfolio and market reach?

The seed round enabled us to accelerate the development of our AI-powered solutions and expand our product portfolio. Our focus is twofold: first, to strengthen Ratibi+ as the leading employee investment and loyalty program in Saudi Arabia, and second, to roll out advanced robo-advisory services for individuals and institutions across the region. Market-wise, we are targeting strategic partnerships with corporates, banks, and HR tech platforms to scale our reach.

Can you tell us more about the Ratibi+ program and how it benefits both employees and companies?
Ratibi+ is our flagship product designed to redefine employee compensation. It allows employees to save and invest directly from their salaries, while employers can offer matching contributions with vesting periods. For employees, this creates financial security and long-term growth; for companies, it reduces turnover, strengthens loyalty, and positions them as forward-thinking employers.

How do you see the role of AI in advancing wealth management and enhancing the investment environment? 
AI is transforming wealth management from a service for the few into a tool for the many. It enhances accuracy in portfolio design, ensures continuous monitoring, and democratizes access to financial insights. In the Saudi context, AI supports Vision 2030 by fostering a culture of savings and investment, ultimately creating a more resilient and inclusive financial ecosystem.

How did participating in Money 20/20 Middle East help Madkhol gain exposure to global fintech trends and innovations?
Money 20/20 Middle East gave us an invaluable platform to connect with global fintech leaders, discover cutting-edge trends, and showcase Ratibi+ on an international stage. It reinforced our belief that Saudi fintech can compete globally while addressing unique local needs.

In your opinion, how do events like Money 20/20 contribute to shaping the fintech ecosystem in Saudi Arabia and the wider region?
Events like Money 20/20 act as catalysts; they bring together investors, innovators, and regulators in one place. For Saudi Arabia and the region, this accelerates knowledge exchange, fosters partnerships, and highlights how fintech can play a key role in achieving Vision 2030’s economic diversification goals.

What are the biggest challenges facing fintech startups in Saudi Arabia, and how does Madkhol address these challenges? 
The main challenges are building trust, navigating regulation, and achieving scale. Madkhol addresses these by ensuring Sharia-compliant products, working closely with regulators, and focusing on partnerships with corporates and banks to reach mass adoption. Trust, compliance, and collaboration are the pillars of our approach.

Noha Gad

Modern commerce is witnessing a significant transformation triggered by rapid developments in technology. The traditional retail landscape, which was centered on physical stores and direct customer interactions, is evolving into a digitally interconnected ecosystem. This change was driven by emerging technologies that enhance how products are sold and redefine the overall customer experience and operational efficiency. 

Technologies such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) emerged as key enablers that revolutionize each aspect of modern commerce. Businesses increasingly utilize cutting-edge tools to understand and anticipate customer needs, tailor offerings, and create more engaging shopping environments. AI-driven analytics allow retailers to handle vast amounts of data, providing insights that help optimize product assortments, pricing strategies, and personalized marketing.

On the other side, VR and AR fill the gap between digital and physical worlds, offering immersive and interactive experiences for customers, ultimately enhancing logistical operations by improving warehouse management, staff training, and real-time problem-solving.

As modern commerce continues to evolve, organizations embracing these technologies are well-positioned to meet rising consumer expectations and adapt to the fast-changing market landscape effectively. Thus, understanding the importance of this technological evolution is essential for businesses to remain competitive

How AI transforms modern commerce

AI has become a cornerstone of innovation in modern commerce, driving significant improvements across customer engagement, inventory management, and operational efficiency.

-Personalization and customer insights. AI uses machine learning algorithms to analyze customer data, such as browsing behavior, purchase history, and preferences. This enables businesses to deliver personalized product recommendations and marketing messages in real time, enhancing customer satisfaction and boosting conversion rates.

-Inventory management and forecasting demand. AI models can optimize inventory levels by processing large datasets on sales trends, seasonality, and external market factors. This reduces risks of overstock or stockouts, cutting costs related to excess inventory and lost sales opportunities

-Customer experience enhancement.  AI-powered chatbots and virtual assistants provide 24/7 customer support by handling routine inquiries, guiding shoppers through product selections, and resolving common issues quickly. This ultimately contributes to enhancing customer experience and reducing response time, thereby enabling human agents to focus on more complex problems. 

-Fraud detection. AI models detect unusual patterns and potential fraud in real time by analyzing transaction data and user behavior. This capability enhances the security of digital payments and protects both merchants and customers from cyber threats.   

Using VR and AR to enhance the shopping experience 

VR and AR are transforming the shopping experience as they create immersive environments that engage customers in ways traditional retail cannot. For instance, virtual stores and showrooms allow shoppers to explore products in a fully digital space without leaving their homes. Both innovations enable virtual product try-ons and demonstrations, especially valuable in sectors like fashion, furniture, and automotive.

Additionally, VR and AR are used for remote product training and retail staff education. Retailers can simulate real-world scenarios to train employees on product knowledge, customer interaction, and store layout without disrupting physical store operations. This method improves staff preparedness and service quality, directly benefiting the shopping experience.

These innovative technologies also fill the gap between physical and online retail, making shopping more interactive, engaging, and convenient in the modern commerce landscape. They enable interactive marketing campaigns and promotions that engage customers in innovative ways.

The integration of AI, VR, and AR technologies in modern commerce has a significant impact on supply chains and logistics as they can optimize inventory and deliveries, enhance warehouse and fulfilment efficiency, promote logistics planning, and improve risk management. 

Finally, these emerging technologies are fundamentally reshaping the landscape of modern commerce, creating opportunities for businesses to innovate and deliver exceptional customer experiences. 

Beyond customer interaction, they revolutionize the operational backbone of commerce by optimizing supply chains and logistics. AI-driven analytics improve forecasting and inventory control, AR guides warehouse staff to operate more efficiently, and VR simulations help plan resilient delivery routes and workflows. Together, these innovations not only reduce costs but also enhance speed, accuracy, and flexibility in meeting consumers’ growing demands.

Looking ahead, the continued convergence of AI, VR, and AR is expected to unlock more transformative possibilities that will redefine how people discover, interact with, and purchase products.

Ghada Ismail

Some startups appear to emerge almost overnight, moving from obscurity to market ubiquity with remarkable speed. This rapid ascent is rarely the result of chance. It is often the product of a deliberate strategy known as blitzscaling: a calculated decision to pursue extraordinary growth at an exceptional pace, accepting significant operational and financial risks in the process.

Blitzscaling can be likened to accelerating a high-performance vehicle before all of its components have been fully tested. When successful, the approach allows a company to secure market dominance before competitors can respond. When mismanaged, it exposes the organization to structural weaknesses that can derail progress just as quickly as it began.

What Is Blitzscaling?

The term was popularized by LinkedIn co-founder Reid Hoffman and entrepreneur Chris Yeh in their book Blitzscaling. At its core, blitzscaling is the deliberate pursuit of massive, rapid growth, prioritizing speed over efficiency. The goal is to capture market share so quickly that competitors can’t catch up, even if it means high spending, operational chaos, or short-term losses. Startups that blitzscale often expand across new markets, hire aggressively, and spend heavily on marketing before perfecting processes or achieving profitability.

This approach is especially common in industries with network effects—where the value of the product grows as more people use it—such as marketplaces, social platforms, and fintech. Once a company reaches critical mass, it can become the default choice, making it hard for latecomers to compete.

Why Founders Consider Blitzscaling

For many founders and investors, the appeal is clear: become the first and biggest player before the rest of the market even realizes what’s happening. Blitzscaling can create powerful first-mover advantages. Customers and partners gravitate toward the market leader, talent is easier to recruit, and investors are eager to back a company that looks unstoppable.

In venture capital circles, momentum matters. A startup showing exponential user growth or market capture often finds it easier to raise follow-on funding at higher valuations, which in turn fuels even faster expansion.

Key Advantages

• Market dominance: Set industry standards and shape consumer habits.
• Network effects: More users bring more value, which draws even more users.
• Virtuous growth cycle: Users → talent → product improvements → more users.

Major Risks

• Extreme burn rate: Heavy spending demands constant fundraising.
• Operational chaos: Hiring too fast can dilute culture and weaken management.
• Regulatory and legal exposure: Rapid global expansion often outpaces compliance.
• Founder burnout: High pressure and nonstop growth can exhaust leadership teams.
• Product-market misfit: Scaling before perfecting the product can backfire.

Is Blitzscaling Right for Your Startup?

Blitzscaling only makes sense under specific conditions: a huge addressable market, strong network effects, abundant funding, and a product that already shows solid product-market fit. If those elements are missing, a more measured approach—sometimes called “smart scaling”—may be wiser.

Founders should weigh whether their market rewards speed above all else or whether careful, sustainable growth will ultimately create more value. In many cases, establishing operational discipline before hypergrowth can prevent costly missteps later.

Conclusion

Blitzscaling can turn startups into market leaders at lightning speed, but it is a high-stakes gamble. When the market is ready, the rewards are enormous: dominance, brand recognition, and the ability to set the rules of the game. Yet the same strategy can drain resources, strain teams, and end in failure if the fundamentals are weak.

For founders, the question isn’t just “Can we blitzscale?” but “Should we?” Careful assessment of market dynamics, funding prospects, and internal capacity can reveal whether chasing hypergrowth is a bold move or a dangerous sprint toward a cliff.

Ghada Ismail

Saudi Arabia’s fintech story reads like a tale of two kingdoms. In Riyadh and Jeddah, cash feels almost antique; it’s only a matter of phone taps, QR codes flash, and money moves in seconds. Yet a few hundred kilometers away, in Tabuk’s rugged northwest or Najran’s mountain valleys, daily commerce often sounds like the rustle of paper bills and the scratch of a pen across a ledger. The country’s financial future is unfolding at two different speeds.

It isn’t infrastructure that draws the line. Mobile penetration tops 95 percent, 5G towers rise even in sparsely populated stretches, and e-payments already dominate national retail transactions. The gap is more subtle: culture, trust, and the rhythms of rural life. Convincing a farmer in Al-Jawf to swap cash for code demands more than bandwidth; it calls for products that fit local habits, clear value that outweighs tradition, and a level of human connection that an app alone can’t supply.

Saudi Arabia has the digital highway; the challenge is building the entry points. Whether fintech can cross that last mile will determine if the Kingdom’s financial revolution remains an urban triumph or becomes a truly nationwide transformation.

Infrastructure: A Kingdom Already Wired

From an infrastructure perspective, Saudi Arabia is well-positioned. Internet penetration is extremely high (estimates are over 95%), mobile device ownership is widespread, and 4G/5G networks are expanding into previously marginal areas. These foundations matter: without reliable connectivity and devices, fintech is impossible. Already, electronic payments account for a large and growing share of retail transactions. The requisite backbone is largely in place.

Urban Comfort vs. Rural Reality

Still, real comfort with fintech is uneven. In Riyadh, merchants often expect digital payments; in remote towns, cash remains king. Limited bank branch presence in outlying areas means residents may need to travel far for physical banking. Older generations or those with less exposure to digital tools are often wary of apps because of perceived complexity, security risk, or distrust of unseen financial entities. Small businesses in remote regions may lack formal accounting or consistent electricity or internet service, undermining the good infrastructure in theory.

Simpler Fintech for Seniors: An Overlooked Opportunity

When designing fintech for broader inclusion, startups should think about older adults—not just young, tech-savvy users. For many seniors, a confusing interface or too many steps can be as big a barrier as a lack of connectivity. Startups that build apps designed with simplicity in mind—large readable text, simple menus, voice instructions, minimal jargon, offline support, and even human assistance options—could unlock fintech adoption among older generations in remote areas.

Such apps might include:

• Simplified banking apps with fewer screens and more guidance.
• “Lite” or basic versions of wallets that avoid overwhelming options.
• Remote or agent-assisted onboarding, so elders who are less comfortable with tech can get help.
• Voice or audio assistance in Arabic, possibly even local dialects.
• Clear, transparent fees so there is no distrust arising from surprise costs.

Some relevant observations:

• Al Rajhi Bank’s app is praised for being user-friendly and for continuous improvements. But it is still a general-purpose banking app, not specifically tailored to seniors.
• STC Pay and others provide digital wallets with simple features like QR payments, bill payments, etc. These features could serve seniors well if designed with accessibility in mind. But I saw no specific senior-oriented version. 
• In lists of “budgeting” or “open banking” apps, ease of use is often mentioned, but not specifically accommodations for low digital literacy or elderly users

This suggests a gap in the market: there is room for fintech startups in Saudi Arabia that explicitly build for the last mile of inclusion—older adults in remote towns. The right design could make a big difference in whether fintech isn’t just available, but also usable for all.

Vision 2030’s Digital Mandate

Saudi Arabia’s Vision 2030, together with the Financial Sector Development Program and the national Fintech Strategy, explicitly aims to make financial services more inclusive. Regulatory reforms—such as digital-banking licenses, open banking, and upgraded payment systems—are meant to lower barriers for innovators. Central bank policies and government incentives are pushing toward universal access, financial literacy initiatives, and infrastructure investment. These provide an enabling environment for fintech expansion—but regulatory support alone does not ensure adoption.

Business Models Built for the Last Mile

For fintechs to succeed beyond major cities, they must adapt business models to the realities of rural and remote regions. One promising route is agent networks: local shops or service points that act as touchpoints for users who prefer or need human interaction. Another is partnering with telecom companies, which already have reach and existing trust in many small towns. Retail chains, post offices, or municipality kiosks could also serve as infrastructure hubs. Products may need to be cheaper, simpler, and require minimal digital literacy to use.

Winning Hearts, Not Just Downloads

Building adoption is as much a question of trust and culture as tech and regulation. Transparent pricing, clear value, local language support, and human customer service are essential. For someone who has never used a fintech app, a failed transaction or confusing fee can be discouraging. Financial education programs tailored for rural communities, delivered through trusted local groups, can help. Even hybrid models—digital onboarding followed by in-person support—may work better than fully remote approaches in many small towns.

The Credit Gap: Data as Collateral

One area where fintech can make a big difference is credit access. Many small business owners outside big cities lack formal financial histories or audited accounts. Traditional lenders often reject their loan applications. Fintechs that use alternative data—mobile money flows, POS history, utility payments—can build credit profiles and offer small, short-term business loans or inventory financing. That could unlock productivity in sectors like agriculture, small retail, regional logistics, and crafts.

Public–Private Partnerships in Action

There are clear roles for both the state and private sector. Government subsidies or guarantees can de-risk fintech pilot projects in areas where margins are thin. Regulators can provide frameworks that balance innovation with consumer protection, especially for users less experienced with financial services. Banks with branch networks can collaborate with fintech startups to extend service reach. Telecommunications companies can help with distribution and customer chains. Examples include STC (Saudi Telecom Company), Mobily, and Zain.

The idea is that these companies already have:

• Extensive physical presence through stores and service centers, even in remote towns.
• Trusted customer relationships with millions of subscribers.
• Existing billing and payment systems that can be integrated with fintech services.

Because of this reach, telecom companies can help distribute fintech products, handle customer sign-ups or cash-in/cash-out services, and support outreach in areas where banks or fintech startups have little presence.

Operations on the Ground

Fintech’s promise often runs into operational hurdles. Reliable power and internet are not uniformly guaranteed in remote areas. Cash-in and cash-out logistics are tricky: even if payments are done digitally, someone often needs to handle cash for daily expenses. Merchant acceptance is uneven, especially among small stores with thin margins. Fintech systems need to integrate smoothly with existing business workflows—if reconciliation is difficult, or if the app doesn’t handle local languages or dialects, adoption drops.

Measuring Real Impact

Success should be measured with more than download counts or the number of transactions. Key metrics include how fintech reduces time and cost for small businesses, increases savings or access to credit, reduces reliance on informal systems, improves incomes, and raises financial inclusion. Pilot programs should track outcomes over months or years, comparing communities with and without these services, and gather feedback to refine products.

From Connectivity to Inclusion

In the end, fintech in Saudi Arabia has moved closer than ever to being able to serve the Kingdom fully, from Tabuk to Najran. The infrastructure, regulation, and technology are largely in place. But for fintech to truly reach remote regions, providers must adapt: offering services in culturally relevant ways, building trust through human touchpoints, designing affordable and useful products, and partnering with existing local networks.

If they succeed, the result won’t just be more people using fintech apps; it will be a more inclusive economy in which rural and remote areas share more fully in the gains of digital finance. Vision 2030’s promise is big; now the test is whether fintech can land softly and stick across every valley, desert, and mountain of the Kingdom.

Kholoud Hussein 

In today’s rapidly transforming digital economy, artificial intelligence has emerged as both a disruptor and an enabler, redefining how industries operate and compete. Nowhere is this transformation more visible than in the financial services sector, where AI is powering new models of efficiency, personalization, and compliance. With global investment in AI accelerating, and financial institutions seeking tools that balance innovation with trust, the conversation around AI’s role has never been more critical.

Against this backdrop, Saudi Arabia is positioning itself as a global hub for AI and digital transformation under Vision 2030, investing billions to cultivate expertise, infrastructure, and sustainable innovation. The Kingdom’s ambitious agenda has created fertile ground for technology leaders to collaborate with regulators, enterprises, and entrepreneurs in building a robust digital economy.

It is in this context that Sharikat Mubasher sat down exclusively with Tomas Skoumal, Chairman & Co-founder of Dyna.Ai, to discuss how the company’s Agentic AI Suite and enterprise solutions are reshaping the financial landscape. In this interview, Skoumal outlines Dyna.Ai’s competitive edge, the challenges it helps financial institutions overcome, and the company’s role in supporting Saudi Arabia’s transformation into a regional AI powerhouse.

Dyna.Ai positions itself as a leader in AI-as-a-Service, with solutions already reshaping finance and beyond. How do you define your unique edge in such a competitive and fast-moving AI market?

Our edge is the ability to combine deep financial services experience with modern AI solutions that are enterprise-ready and built for measurable business outcomes. In the financial services sector, technology adoption isn’t about deploying the most recent innovation, but it’s about delivering results such as improving customer engagement, reducing operational risk, and generating new revenue streams.

Our flagship Agentic AI Suite and our Enterprise Solutions Suite for financial services provide multi-modal, multi-channel engagement with 95%+ accuracy and sub-200 millisecond response times. Products like VoiceGPT and AvatarGPT power AI employees that enable our customers to scale hyper-personalization, multilingual support, and real-time interactions in banking and insurance workflows. It is this combination of advanced platform capabilities and practical industry integration, underpinned by industry-leading security, that sets us apart.

AI is becoming central to financial services worldwide. From your perspective, what specific challenges in banking and fintech is Dyna.Ai solving most effectively today?

Banks and fintechs are being tested across a few major priorities: personalizing customer services at scale, managing risk in real time, and remaining compliant within complex regulatory environments. Our AI copilots and digital agents redefine personalized engagement, while other enterprise solutions like E-KYC solutions address the core needs of Saudi Arabia’s $39.9 billion fintech market, which is projected to reach $125 billion by 2034.

With 75% of Saudi financial transactions already digital and job postings in AI growing 54% annually, our Agent Studio enables institutions not only to deploy AI but to train their own AI teams and build long-term capabilities. These solutions help financial institutions stay ahead of customer expectations while enhancing trust, compliance, and efficiency.

Your expertise spans advanced AI models, human-AI interaction, and big data analytics. How are you combining these capabilities to deliver solutions that are both cutting-edge and practical for clients?

We see the future of finance requiring systems that can communicate with human fluency and operate with the precision of advanced data analytics. Our approach integrates commercial LLMs with our proprietary Dyna LLM through the Agent Studio platform, giving banks the flexibility to meet local regulatory requirements while setting new global standards. Our suite of highly tailored Agentic AI products, with culturally adapted capabilities, allows for intuitive engagement in culturally relevant ways. Add to this data-rich applications like fraud prevention and AI-driven decision engines, and the result is a suite of tools that are cutting-edge yet embedded in clear business cases such as Shariah-compliant products, compliance monitoring, and customer service.

Saudi Arabia is investing heavily in AI and digital transformation under Vision 2030. How do you see Dyna.Ai contributing to this national agenda, and what opportunities excite you most in the Kingdom?

Saudi Arabia plans to train 20,000 AI specialists by 2030 and has pledged $20 billion in AI investments. With 66 of Vision 2030’s 96 goals tied to data and AI, this is one of the world’s most ambitious transformations. Dyna.Ai directly supports these efforts through our Agentic AI Suite, including Agent Studio, VoiceGPT, and AvatarGPT. Our Saudi office and growing local team reflect our commitment to long-term capability building. As we grow our partnerships across industries, including banking, fintechs, government, telecommunications, etc, we are excited to provide enterprise-ready tools that not only scale operations but also build indigenous AI expertise, ultimately positioning Saudi Arabia as a regional AI hub.

The global debate around AI often touches on trust, ethics, and transparency. How is Dyna.Ai addressing these concerns to ensure clients can scale AI responsibly?

Responsible AI is fundamental to our mission. From the start, we designed the Agentic AI Suite with guardrails such as transparency, explainability, and compliance monitoring. Governance features allow clients to understand, audit, and control how AI-driven decisions are made, whether in lending, fraud detection, or customer engagement. For example, our AI employee products provide explainable interactions in Arabic and other languages. We work closely with regulators to ensure our solutions meet both global and Saudi standards. This commitment builds the trust needed for sustainable scaling across the financial services ecosystem.

As you participate in Money 20/20 Saudi Arabia, what do you hope to achieve from this gathering of global financial leaders, and how does it align with your growth ambitions in the region?

Money20/20 allows us to show, not just tell. Through live demonstrations of the Agentic AI Suite, including real-time Arabic engagements, we want financial leaders to witness the business impact of AI in action. With Saudi fintech projected to reach $125 billion by 2034 and AI expected to add $320 billion to the MENA economy by 2030, we see this event as a chance to build strategic partnerships that align with the Kingdom’s economic trajectory. Our presence at the event is about reinforcing our commitment to Vision 2030 and partnering with Saudi banks, insurers, and fintechs to innovate at scale.

As Tomas Skoumal highlights, Dyna.Ai is not just deploying advanced technology but building trust and long-term capability in financial services. Through its Agentic AI Suite, the company is enabling hyper-personalized engagement, compliance-driven innovation, and scalable digital solutions that align closely with Saudi Arabia’s Vision 2030. With its growing local presence and commitment to responsible AI, Dyna.Ai positions itself as a strategic partner in turning the Kingdom’s AI ambitions into reality.