BSF And AstroLabs Unveil New Program To Shape The Future Of Fintech In Saudi Arabia

In a significant move to foster the growth of new technology talent in the financial sector, Banque Saudi Fransi (BSF) has launched the second cohort of its 'Banker Technologist' program, in partnership with AstroLabs. This initiative is a testament to BSF's commitment to nurturing human capital and propelling a digital mindset within Saudi Arabia's burgeoning fintech landscape.

Aligning with the kingdom's Vision 2030 for digital transformation, this program is set against the backdrop of a digital economy that is witnessing exponential growth. The fintech sector, in particular, has seen a substantial influx of investment, with a 70 percent year-on-year increase, totaling $791 million in local fintechs through equity funding, as highlighted in the fintech funding report - KSA 2023.

The 'Banker Technologist' initiative aims to bridge the gap between formal education and employment in high-demand fintech fields, offering participants a fast track to significant roles within BSF. This year, the program has welcomed 10 candidates, promising them full-time employment opportunities at BSF upon successful completion of the training period.

Program Structure And Objectives

Fouad Fattal, Vice President of Key Accounts, Programs at AstroLabs, emphasised the program's unique approach, which departs from traditional graduate models by offering a practical, case study-based learning environment. This initiative not only aims to enhance candidates' immersion within the bank but also to significantly extend the program's reach and impact.

"Building on the success of the inaugural cohort, we are delighted to announce the second cohort of the Banker Technologist, designed to help candidates achieve maximum access and immersion within the Bank from the onset. What sets the initiative apart is that it redefines the approach to conventional graduate models by building a case study within a practical, realistic environment. We are so pleased to see the number of participants grow, which is a testament to the scale, reach, and impact of the program."

Reema Siyam, Head of Learning and Talent Management at Banque Saudi Fransi, elaborated on the program's design, which integrates classroom learning with practical application. The comprehensive curriculum includes a coding bootcamp, financial literacy and software courses, alongside training in communication and pitching skills. The program culminates in a mentorship phase, pairing participants with their future managers and granting them access to industry experts and technology leaders within the AstroLabs' network.

“Transformation, agility, change, innovation; these are all words that we have come to use daily. BSF Academy has collaborated with AstroLabs to build a program that prepares young Saudi talent to turn those words into action. Our Technologists will experience a customized, focused program, split between classroom and practical application on the job, and embedded in the business. We are very excited to support them on their journey during the program, and beyond into their BSF careers.”

Impact on Saudi Arabia's Financial Sector

As Saudi Arabia strives to position itself as a global fintech leader, the 'Banker Technologist' program represents a strategic step towards enhancing the kingdom's competitiveness and economic contribution. By developing a skilled workforce equipped with the necessary technological and financial expertise, BSF and AstroLabs are playing a crucial role in accelerating the financial sector's digital transformation.

The partnership between BSF and AstroLabs, and the launch of the second cohort of the 'Banker Technologist' program, underscore the kingdom's dedication to fostering innovation, agility, and talent development in its financial sector. As the digital landscape continues to evolve, initiatives like these are essential for empowering the next generation of Saudi technologists and ensuring the long-term success and sustainability of the fintech ecosystem.