Wamid CEO says DirectFN deal will allow Tadawul Group to foray into 20 markets

Wamid CEO, Mohammed Al-Nory

Tadawul Advanced Solutions Co.’s (Wamid) acquisition of a 51% stake in Direct Financial Network Co. (DirectFN) will enable Saudi Tadawul Group Holding Co. (Tadawul Group) to establish a presence in around 20 markets, Wamid CEO Mohammed Al-Nory told Argaam in an interview.  

The move will aid in leveraging returns and diversifying the sources of income, he added.

Wamid is wholly owned by Tadawul Group.

DirectFN business portfolio covers four divisions: market data and analytical dashboards; order management and execution management systems for brokerages; asset and wealth management systems, as well as innovative regulatory, risk and supervisory technology, said Al-Nory. 

He also indicated that DirectFN dominates a sizable market share of the market data and analytical dashboards division, with 15 brokerage firms using its order management systems.  

Wamid is developing the financial technology (FinTech) infrastructure to facilitate businesses for market players and FinTech firms. It plans to continue pursuing strategic plans by acquiring new entities in the field while generating lucrative returns, the CEO concluded.   

Tadawul Group announced that its wholly-owned subsidiary Wamid signed on Nov. 24 a sale and purchase agreement (SPA) with National Two Ventures LLC (sole proprietorship) that holds 99% of DirectFN. Under the agreement, Wamid will acquire a 51% stake in DirectFN for SAR 134 million, according to Argaam. 

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