The Saudi Central Bank (SAMA) licensed “Loan” to provide consumer microfinance solutions through financial technology.
With Loan, there are now six authorized companies “offering consumer microfinance solutions in Saudi Arabia.”
This decision reflects SAMA‘s endeavor “to support the finance sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.”
SAMA emphasizes the importance of “dealing exclusively with authorized financial institutions.”
To view licensed and permitted financial institutions, visit SAMA’s official website.
In another recent update, it was noted that the the Saudi Central Bank (SAMA) licensed “Themar” to provide crowdfunding solutions.
With Themar, there are now seven authorized companies “offering debt-based crowdfunding solutions in Saudi Arabia.”
This decision reflects SAMA’s endeavor “to support the finance sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.”
As mentioned in another news update, SAMA, represented by the General Department of Legal Affairs, has been awarded the “ISO 9001:2015 certificate for quality management system in legal services.”
The certificate was given “in recognition of the Legal Affairs Department’s adherence to international standards of quality management system in providing legal advice, legal studies, legislations, contracts drafting, and legal representation.”
This recognition aligns “with the Council of Ministers Resolution No. 713 dated 30/11/1438H, which stresses the importance of developing legal services within governmental entities, and it reflects SAMA’s unwavering commitment to excellence.”
SAMA strives “to promote adherence to laws and regulations, thereby contributing to achieving its objectives and executing its mandates and powers as stipulated in its Law.”
In late July, it was revealed that SAMA had “approved the Insurtech Rules, post public consultation, for the draft rules via National Competitiveness Center’s Public Consultation Platform.”
This initiative is part of SAMA’s continuous efforts “to enhance the insurance sector for providing better services commensurate with developments in the insurance industry in general and insurance technology services in particular.”
Insurtech Rules comprehensively govern the underlying business and its activities, ensuring protection of its clients, and promoting fair competition in offering solutions and services to support stability and development of the sector.
Insurtech Rules intend to enable Insurtechs “to perform flexibly in an innovative based regulatory framework, which includes basic pillars such as practitioners’ obligation, clients’ information accuracy and codes of conduct preserving clients’ rights, compliance and control.”
SAMA reaffirms its commitment “to support and facilitate the growth of the insurance sector and regulate the relationship between Insurtech companies and clients; preserving the rights of all parties involved.”
For more details on these updates, check here.