Sahm Capital Backs Saudi Hackathon, Driving Fintech Innovation in Capital Markets

Abdelrahman Amr

Last updated 29-09-2026

4 min

Sahm Capital backed Saudi Arabia’s market innovation hackathon as a strategic partner.

The programme drew 500 applicants, with 60 selected into 12 mixed-discipline teams.

Participants tackled "real market needs" through validation, business models, mentoring and coaching.

Six finalists presented at Money20/20 Middle East, judged by industry and regulatory specialists.

Team Idraj won, as organisers pitched the event as practical talent-building for finance.

Sahm Capital has backed Saudi Arabia’s Financial Market Innovation Hackathon as a strategic partner, joining an initiative led by The Financial Academy in collaboration with the Capital Market Authority. In a region where startup talk can sometimes feel a bit of a faff, this one looks more grounded in real market needs.

The programme drew more than 500 applicants, with 60 people eventually selected to take part. They were split into 12 multidisciplinary teams covering finance, data science, design and technology, then spent the period between 6 and 10 September working through problem definition, market validation and business model development. Mentoring and coaching sessions were part of the mix too, which, frankly, is often where these competitions become useful rather than just flashy.

Six teams made it through to the final stage, which took place on 16 September during Money20/20 Middle East in Riyadh. For readers at Arageek, that final setting is worth noting: putting early-stage problem-solvers on a stage tied to one of the region’s better-known finance events gives them visibility that is hard to buy at the start.

Sahm Capital’s role went beyond logo-placement. The company said it contributed financial industry expertise to the hackathon, while two of its representatives joined the judging panel alongside other sector specialists to assess the finalist teams and their ideas. I’ve seen similar startup events across the MENA scene, and the truth is simple — when judges actually understand regulation, markets and execution, the feedback can be spot on.

Steven Chou, Chairman of Sahm Capital, said a strong financial market relies not only on technology and capital, but also on people who understand market needs and can turn ideas into practical solutions. He added that supporting initiatives which combine emerging talent, financial-market expertise and technology can help address real challenges in Saudi Arabia’s market. Chou also said building the next generation of financial talent is important for creating a more innovative and dynamic financial sector, and argued that giving young professionals access to specialists can strengthen the culture of innovation across the capital market.

That said, the event was also framed as a talent-building exercise. Mana bin Mohammed Al-Khamsan, CEO of The Financial Academy, said the hackathon gave participants a practical environment to apply financial and technical know-how to real challenges in the Saudi capital market. He said bringing together promising talent and industry expertise supports national capabilities and encourages practical innovation across the broader financial sector.

In the end, Team Idraj took first place, Team Hawkamtek came second and Team Floc finished third. Well... I mean, competitions like this do not change a market overnight, but I reckon they can still matter if the ideas do not end up sitting on a shelf. On the flip side, Saudi Arabia’s capital market has been moving fast, and efforts like this suggest the ecosystem wants innovation that is not just clever on paper but actually usefull in the field.

Sahm Capital, based in Riyadh, holds Capital Market Authority licences covering dealing, advising, custody, arranging, managing investments and operating funds in securities business under licence number 22251-25. The company says it uses its own technology and financial tools to offer investment services across both Saudi and US markets. Meanwhile, The Financial Academy continues to focus on developing talent across banking, finance, insurance and capital markets — and believe it or not, that less glamorous work around skills and systems is often what keeps a startup pipeline chuffed to bits for the long run.

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