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Wadaie obtains the Saudi Central Bank permission to operate as a Time Deposits Aggregator and launches its services
The Saudi Central Bank (SAMA) announces its permission for Wadaie to operate as a Time Deposit Aggregator within the Saudi Arabian money market. This significant milestone establishes Wadaie as the inaugural Saudi platform specializing in Sharia-compliant time and savings deposit products. Serving as a pivotal bridge between individuals, entities, and all banks in Saudi Arabia, Wadaie provides access to the highest return time deposit from all banks seamlessly. Mr. Abdullah Alandas, Founder and CEO of Wadaie, expressed profound gratitude towards SAMA for the pivotal authorization, heralding a new era of financial innovation. Mr. Alandas underscored the collaborative efforts of the SAMA Regulatory Sandbox team, whose unwavering support streamlined the integration of Wadaie's innovative business model. This endorsement not only acknowledges Wadaie's commitment to enhancing investment and savings avenues but also underscores the company's role in fortifying the financial sector's contribution to economic development. The genesis of Wadaie is rooted in the visionary pursuits of its three founders, all seasoned finance professionals. Their collective insight identified a myriad of challenges confronting individuals and entities seeking time deposit options, including procedural complexities, rigid tenors, unimpressive rates, exorbitant minimum deposit thresholds, and the prevailing dominance of demand deposits. In response, Wadaie emerged as a beacon of financial inclusivity and efficiency—a platform engineered to streamline time deposit investments by seamless experience, offering diverse periods ranging from 1 day to 24 months, guaranteeing fixed returns, and adhering rigorously to Sharia principles. Wadaie's recent permission by the Central Bank of Saudi Arabia signifies a watershed moment in the Fintech industry, affirming its unwavering commitment to innovation, inclusivity, and Sharia compliance. As Wadaie continues to revolutionize money market products, it aspires to enrich the financial ecosystem by offering a smooth, rewarding, and ethically aligned avenue for both individual and corporate depositors alike.
Wadaie Wins Startup Award at Silicon Valley Winter Summit
Wadaie Financial Technology Company has been awarded the Startup Award at the Winter Silicon Valley Summit, reflecting the company's excellence and innovation in its business model. This recognition serves as a testament to the efficiency of the Wadaie team and its commitment to delivering added value to the financial sector through innovative and effective solutions and products. It is worth noting that the Startup Award at the Winter Silicon Valley Summit is bestowed to recognize outstanding performance by emerging companies in the fields of innovation and entrepreneurship.
Wadaie Celebrates Victory in Open Banking Challenge
Wadaie platform proudly announces its success in the Open Banking Challenge, sponsored by Fintech Saudi, the Saudi Data & AI Authority (SDAIA), and the Digital Entrepreneurship Center. Wadaie Financial Technology Company has achieved success in the Open Banking Challenge, a digital competition focused on providing solutions in the field of open banking. It targets tech enthusiasts in open banking, financial services professionals, and application programming interface developers. The company expresses its pride in winning this challenge, which motivates it to achieve further successes and continue its ambitious vision in the field of financial technology. It reaffirms its commitment to providing innovative and reliable solutions to its clients.
Pre-seed Financial Round
The Saudi financial technology platform focusing on connecting depositors with banks, Wadaie, has announced the closure of its Pre-Seed investment round, led by Rizq Investment and Banaa Ventures, with participation from a group of angel investors. Founded in 2022 by Abdullah Al-Andas, Rayan Al-Tuwaijri, and Abdulrahman Al-Hawas, Wadaie aims to empower depositors to access higher returns on Sharia-compliant time and savings deposits flexibly, without the need to open bank accounts in different banks. Wadaie further asserts that it enables banks to access new horizons and a wide customer base through its business model, thereby increasing cash liquidity without the need to raise the operational cost of bank infrastructure. In this regard, founder and CEO Abdullah Al-Andas stated that Wadaie's business model works to expand the circle of savings and investment products, enhance trust in them, and facilitate access to them, aligning with the objectives and strategic pillars of the financial sector development program. He adds that the investment represents an important step in developing the platform and enhancing access to the target audience.