Lending platform Dnaneer Financing Co, has reportedly received authorization from the Saudi Central Bank (SAMA) to operate a crowdfunding platform in Saudi Arabia.
The authorization gives the company the go signal to offer debt-based crowdfunding solutions in the Kingdom, making it the eight fintech firm to be allowed to do so.
This move is significant for the Saudi financial landscape, as it opens new avenues for a diverse range of individuals and businesses to access debt-based crowdfunding opportunities.
With the licensing of Dnaneer Financing Company, the total number of finance companies authorized by SAMA in Saudi Arabia now stands at 57.
Dnaneer is a lending platform that connects recurring revenue businesses with investors in Saudi Arabia. It offers various investment opportunities to investors while providing financing to businesses that have a steady stream of revenue.
This decision aligns with SAMA’s ongoing efforts to enhance the financial sector’s efficiency and promote innovative financial solutions, contributing to the broader goal of financial inclusion within the kingdom.
SAMA’s approach reflects a commitment to supporting the financial sector and increasing the efficiency of financial transactions, according to reports.
By emphasizing the importance of dealing exclusively with authorized financial institutions, SAMA also ensures a regulated and secure environment for financial operations.
The official SAMA website provides a list of all licensed and permitted financial institutions for reference.
SAMA earlier emphasized the importance of “dealing exclusively with authorized financial institutions.”
In another recent update, it was noted that SAMA currently “seeks public consultation on the draft Implementing Regulation of the Systemically Important Financial Institutions Law.”
In this context, SAMA invites stakeholders and public “for their suggestions and observations on the draft by visiting the Public Consultation Platform at the National Competitiveness Center.”