Mumbai, India – The Internet and Mobile Association of India (IAMAI) and the Ministry of Investment of the Kingdom of Saudi Arabia (MISA) have formalized a three-year Memorandum of Understanding (MoU) aimed at significantly enhancing cooperation within their respective fintech and startup ecosystems.
The landmark agreement was signed at the Global Fintech Fest 2026 (GFF 2026) in Mumbai. Dr. Abdullah Ali Aldubaikhi, Assistant Minister for Business Development from MISA, and Dr. Subho Ray, President of IAMAI, officiated the signing ceremony.
Forging an India-Saudi Fintech Corridor
This three-year framework is designed to establish a robust bridge between the innovation landscapes of India and Saudi Arabia. It seeks to connect key stakeholders, including fintech companies, emerging startups, investors, and financial institutions, facilitating a more integrated and collaborative environment.
Key areas of focus under the MoU include developing fintech ecosystems, fostering startup collaboration, promoting cross-border investment, driving innovation, and improving market access for businesses in both countries. The partnership will prioritize identifying and enabling opportunities for high-potential fintech firms and startups.
Practical Collaboration Initiatives
The agreement outlines a series of practical initiatives to achieve its objectives. These include curated business introductions, investor-startup matchmaking events, targeted market-access programs, and opportunities for business expansion. Furthermore, the collaboration will encompass strategic partnerships, delegate exchanges, roundtables, workshops, and knowledge-sharing programs.
The MoU also emphasizes ongoing engagement through major international fintech and startup platforms, ensuring that collaboration extends beyond individual events and creates a sustained India-Saudi fintech ecosystem.
Statements from Leadership
Dr. Abdullah Ali Aldubaikhi highlighted Saudi Arabia's commitment to building a globally connected investment and innovation ecosystem. He emphasized India's crucial role as a partner, citing its strengths in technology, entrepreneurship, and digital financial services. “Through this cooperation with IAMAI, we look forward to strengthening connections between our two ecosystems and creating practical opportunities for companies, startups and investors,” Dr. Aldubaikhi stated, underscoring the goal of translating these connections into tangible investment and strategic partnerships.
Dr. Subho Ray echoed this sentiment, pointing out the significant potential for deeper links between India’s and Saudi Arabia’s dynamic digital and entrepreneurial economies. “This MoU gives us an institutional framework to move beyond individual engagements towards a sustained India–Saudi fintech and startup corridor,” Dr. Ray explained. He stressed that the focus would be on creating clear pathways for market access, investment, partnerships, and business expansion for high-potential companies from both nations.
Next Steps for Implementation
Following the signing, both IAMAI and MISA will explore immediate actions. These include organizing India-Saudi fintech and startup delegations, launching market-access programs, facilitating investor-startup matchmaking, and identifying promising fintech companies for mutual introductions and investment promotion initiatives.
The comprehensive program may also involve strategic partnerships, innovation collaborations, ecosystem dialogues, and research initiatives focused on fintech and digital finance, further solidifying the cooperative efforts between the two countries.