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Saeid Hejazi
CEO
Saeid Hejazi is a tech entrepreneur known for his innovative ventures in the financial technology sector.
At Wally, Saeid plays a crucial role in harnessing cutting-edge technologies to empower individuals globally in understanding and achieving their financial objectives.
WallyGPT, a generative AI financial advisor, was introduced by Wally under Saeid's leadership, offering personalized insights by analyzing data from various financial institutions worldwide.
Prior to his work at Wally, Saeid founded Nahel, which was acquired by Aramex, and served as the CEO, overseeing diverse operations and offerings in the e-commerce space.
Saeid's educational background includes studies in Computer Engineering at York University and at Valley Forge Military Academy & College.
His professional experience spans roles such as Chief Executive Officer at Allied Shielding, Co-founder & CEO at WallyGPT, Partner at Dar Hejazi Holding, and Founder & Managing Director at Nahel.com, reflecting his expertise and leadership in business and technology.
Saeid Hejazi's journey from a computer science student to a successful entrepreneur showcases his determination and vision in the realm of startups and technology-driven ventures.
Highlights
Today is a really exciting day for us.
A few years ago I first learned about Saudi Vision 2030’s goal of helping Saudis increase their savings rate to 10% of their income (about 1.8% at the time) we felt it was an interesting -- but challenging -- problem to solve for. Especially realizing two things; 1) the vast majority of the population is young, and 2) the country was opening up and young people, for the first time ever, had an abundance of options on how to spend their free time (and money!).
But without a framework on how we could operate (ie, how to connect to banks, manage user consent, data storage) we didn’t feel the timing was right.
All that changed in January 2021 when the Saudi Central Bank (Saudi Central Bank – SAMA) published a paper on what would eventually become Saudi’s Open Banking policies and framework.
We immediately applied to join and were accepted in August 2021. And that’s when the work started. From re-building our backend infrastructure for data residency, reaching Maturity Level 3 in cyber security frameworks (ie, bank-level security), and publishing 750 pages across 70 policies and procedures that now define how we operate, we’re incredibly proud to have received our approvals from SAMA. It was the single hardest thing I’ve done in my professional career and I'm incredibly proud of my team.
When we first started, we heard stories about how strict and intimidating working with SAMA would be. True, it was hard, but the Sandbox team has been incredibly supportive. They were always — patiently — available (any day or time of the week) to help us understand the requirements and provided advice. They were especially keen on collecting feedback from all the participants. I don’t think there’s a regulator in the world that’s as vested in the success of its members as SAMA. If you are thinking of launching a fintech in Saudi, this is the time.
I also want to congratulate my peers that have also earned their approvals.
Wally joins 42 other fintechs from BNPL, lending, TSPs and more to become part of the future of fintech in the Kingdom. It’s truly an exciting time for us.
Lastly, I thank our Head of Compliance, Gürcan Avcı, PhD., LLB, CCM, Jithin Joy our CTO, and Fatih for their incredible dedication and tireless, hard work.
