SAB Hackathon 2024 Winner - Kaleido (Problem Statement 3)
With a legacy spanning over 90 years, Saudi Awwal Bank (SAB) stands as one of the Kingdom’s most prominent financial institutions. A key driver of Saudi Arabia’s economic and social development, SAB has consistently demonstrated leadership across trade finance, foreign exchange, wholesale banking, digital innovation, and ESG. Today, it continues to push the boundaries of excellence, helping shape the financial landscape of the region.
In 2024, SAB reaffirmed its commitment to innovation by launching the SAB Hackathon, in collaboration with APIX and Arthur D. Little. Designed to spark cross-border ideation and open the door to future collaborations beyond the Kingdom, the initiative invited global players to co-create solutions to real-world financial challenges.
Problem Statement Three Winner: Kaleido
One of the standout successes of the hackathon came from Kaleido, a U.S.-based enterprise blockchain company that tackled Problem Statement 3:
Innovative solutions for digitising tax claims submitted by SMEs and Corporates on the KSA Central Government platform.
Kaleido presented a cutting-edge solution that leveraged blockchain, tokenisation, and advanced privacy technologies to streamline the tax claims process. By utilising smart contracts, the proposed system enhances transparency, speeds up processing, and introduces a new layer of security - solving a challenge faced by both corporates and tax authorities alike.
As a result, Kaleido was named the category winner and earned a rare opportunity to present directly to SAB’s Chief Innovation Officer. In their pitch, they demonstrated how their tokenised workflow engine, powered by Kaleido’s digital asset platform and blockchain infrastructure, could seamlessly integrate with existing systems used by ZATCA, Saudi Arabia’s tax authority. Their solution offered not just compatibility, but a pathway to automation through smart contracts - paving the way for a more efficient and trustworthy tax ecosystem. .