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PIF-Backed ewpartners Leads $48 Million Investment into Valuable Capital to Enhance Saudi Fintech Landscape
The investment is part of a broader strategy to align with Saudi Arabia’s Vision 2030 economic diversification goals.
Public Investment Fund (PIF)-backed ewpartners has announced a $48 million investment in Valuable Capital, a move expected to significantly bolster the fintech sector in Saudi Arabia.
The announcement was made by Jessica Wong, co-founder and Managing Partner of ewpartners, during the PIF Private Sector Forum held in Riyadh from February 12-13.
Wong stated that the funds will be directed towards facilitating Valuable Capital's initial public offering (IPO) and expanding its operational capabilities.
The investment aligns with Saudi Arabia’s Vision 2030 agenda, which emphasizes fintech development and economic diversification.
It is projected that the fintech sector will contribute 4.4 percent to the Kingdom's gross domestic product (GDP), as articulated in a recent statement.
Valuable Capital Financial Co. is a subsidiary of Hong Kong-based Valuable Capital Group Ltd. The company obtained a license from the Saudi Capital Market Authority in 2022, allowing it to offer custody, advice, and dealing services within the Kingdom.
Wong indicated the significance of sustained investment in Valuable Capital, highlighting a previous investment made three and a half years prior.
“We continue to invest in this company and kick off their IPO procedure,” Wong noted.
This IPO route is intended to facilitate further expansion within the Gulf Cooperation Council (GCC) region.
“This investment will not only support the IPO process in the target market but also aid in the company’s regional expansion,” Wong elaborated.
She acknowledged PIF’s initial involvement as the anchor limited partner in her company's first regional focus fund of $400 million, which has laid critical groundwork for future investments.
Wong highlighted the evolution of the fintech landscape in Saudi Arabia over the past seven years, noting ewpartners' role in contributing to local ecosystem growth across multiple sectors, including digital infrastructure and cross-border services.
“Fintech, in our eyes, is one of the most important sectors to support the local ecosystem growth in a more sustainable and healthier manner,” Wong commented.
Wong also provided updates regarding the KSA-Sino Logistics Special Economic Zone, a project in partnership with King Salman International Airport, for which an MOU (memorandum of understanding) was signed last October.
She detailed ongoing efforts to create a platform that would facilitate both ewpartners' portfolio and a broader array of businesses seeking to expand into the Saudi market.
“The pressure is to come from a different angle.
One of the biggest motivations for us to continue our work and put together our effort is because there is a huge demand here in the market,” Wong remarked, indicating proactive engagement in addressing market needs.
As the PIF Private Sector Forum enters its third year, it has gathered participation from over 90 PIF-backed companies, aiming to strengthen supply chains, enhance local manufacturing, and accelerate economic diversification in alignment with Vision 2030.
The announcement was made by Jessica Wong, co-founder and Managing Partner of ewpartners, during the PIF Private Sector Forum held in Riyadh from February 12-13.
Wong stated that the funds will be directed towards facilitating Valuable Capital's initial public offering (IPO) and expanding its operational capabilities.
The investment aligns with Saudi Arabia’s Vision 2030 agenda, which emphasizes fintech development and economic diversification.
It is projected that the fintech sector will contribute 4.4 percent to the Kingdom's gross domestic product (GDP), as articulated in a recent statement.
Valuable Capital Financial Co. is a subsidiary of Hong Kong-based Valuable Capital Group Ltd. The company obtained a license from the Saudi Capital Market Authority in 2022, allowing it to offer custody, advice, and dealing services within the Kingdom.
Wong indicated the significance of sustained investment in Valuable Capital, highlighting a previous investment made three and a half years prior.
“We continue to invest in this company and kick off their IPO procedure,” Wong noted.
This IPO route is intended to facilitate further expansion within the Gulf Cooperation Council (GCC) region.
“This investment will not only support the IPO process in the target market but also aid in the company’s regional expansion,” Wong elaborated.
She acknowledged PIF’s initial involvement as the anchor limited partner in her company's first regional focus fund of $400 million, which has laid critical groundwork for future investments.
Wong highlighted the evolution of the fintech landscape in Saudi Arabia over the past seven years, noting ewpartners' role in contributing to local ecosystem growth across multiple sectors, including digital infrastructure and cross-border services.
“Fintech, in our eyes, is one of the most important sectors to support the local ecosystem growth in a more sustainable and healthier manner,” Wong commented.
Wong also provided updates regarding the KSA-Sino Logistics Special Economic Zone, a project in partnership with King Salman International Airport, for which an MOU (memorandum of understanding) was signed last October.
She detailed ongoing efforts to create a platform that would facilitate both ewpartners' portfolio and a broader array of businesses seeking to expand into the Saudi market.
“The pressure is to come from a different angle.
One of the biggest motivations for us to continue our work and put together our effort is because there is a huge demand here in the market,” Wong remarked, indicating proactive engagement in addressing market needs.
As the PIF Private Sector Forum enters its third year, it has gathered participation from over 90 PIF-backed companies, aiming to strengthen supply chains, enhance local manufacturing, and accelerate economic diversification in alignment with Vision 2030.