The Saudi Central Bank (SAMA) licensed “Al-tizam for electronic insurance brokerage” and “Altheqa Insurance Brokers” in order to “provide insurance aggregation services (soft launch).”
With Al-tizam and Altheqa, there will “be five authorized insurance aggregation companies operating in Saudi Arabia.”
This decision reflects SAMA‘s endeavor “to support the insurance sector, increase its financial efficiency, and promote innovative insurance services 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 announcement, SAMA revealed that it has licensed “Intelligent Solutions” to provide finance aggregation services, and with this license, there will “be two authorized companies providing finance aggregation services 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.”
In a separate update, SAMA confirmed that it has successfully “concluded its third edition of the Professional Learning Partnership (PLP) for fresh graduates.”
The program is part of SAMA’s commitment “to invest in the education of the next generation of professionals, aimed at bolstering its pivotal role in supporting and advancing the financial services industry in the Kingdom of Saudi Arabia.”
As explained in the announcement, through an immersive learning experience “that ran over the course of six months, the program offered fresh graduates from local and international universities hands-on training within several central bank departments, combined with extensive technical and behavioral development plans.”
The program also included site visits and preparatory courses “for specialized professional certifications in different fields of the financial industry.”
As covered recently, 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.”
