Search Results for: Saudi Central Bank

Saudi Central Bank SAMA Issues Licenses to More Fintech Startups

The Saudi Central Bank (SAMA) licensed ā€œHiberbay Ink Al-Saoudia for IT Systems” to provide E-wallet solutions. With ā€œHiberbay Ink Al-Saoudia for IT Systems,” there are now 27 licensed firms providng payments services across the Kingdom of Saudi Arabia. This decision reflects SAMA’s aim to support… Read More

Saudi Central Bank SAMA Licenses Majd Saudi Payments to Provide Digital Wallet Solutions

The Saudi Central Bank (SAMA) licensed ā€œMajd Saudi Payments” to provide E-wallet solutions. With Majd Saudi Payments, there are now “26 licensed companies offering payment services” in Saudi Arabia. This decision reflects SAMA’s goal to support the payments sector, increase the efficiency of financial transactions,… Read More

Saudi Central Bank SAMA Permits Fintech Startups to Test Solutions via Regulatory Sandbox

The Saudi Central Bank (SAMA) has reportedly permitted two new Fintech startups to test their innovative solutions in SAMA’s regulatory sandbox. As noted in the update from SAMA, ā€œSulfah for Finance” is authorized to launch a peer-to-peer (P2P) lending platform and ā€œWadaie for FinTech” to… Read More

Saudi Central Bank SAMA Releases Performance Report of Finance and Real Estate Refinance Firms Sector

The Saudi Central Bank SAMA released the Annual Performance Report of the Saudi Finance and Real Estate Refinance Companies Sector for the year 2023. The report highlighted the sector’s developments and financials “during 2023, where the paid-up share capital for finance companies sector increased by… Read More

Saudi Central Bank Licenses Hala Financing for Debt-Based Crowdfunding

The Saudi Central Bank (SAMA) has officially licensed Hala Financing to provide debt-based crowdfunding solutions in Saudi Arabia, a significant step in broadening the financial services available within the kingdom. This recent authorization increases the total number of companies licensed to offer these services to… Read More

Saudi Central Bank SAMA to Support Investment Immersion Initiative

The Saudi Central Bank (SAMA) has opened registration for its fourth edition of the Investment Immersion Program (IIP) as from Wednesday, April 17, 2024 for six weeks. The program is an apprenticeship that aims “to employ and develop local investment professionals.” The program, which comprises… Read More

Saudi Central Bank SAMA Seeks Public Consultation on Amendments to Principles of Governance for Financial Institutions

The Saudi Central Bank (SAMA) seeks public consultation on draft amendments to the ā€œKey Principles of Governance in Financial Institutions under the control and supervision of the Saudi Central Bank.” In this context, SAMA invites stakeholders to “provide suggestions and observations on the draft by… Read More

Saudi Central Bank Announces New Regulatory Framework for BNPL Services

The Saudi Central Bank (SAMA) has officially introduced a set of rules aimed at regulating “Buy Now, Pay Later” (BNPL) services, marking a significant step in overseeing and controlling this rapidly growing sector. This development, as stated in a recent SAMA press release, is part… Read More

Saudi Central Bank SAMA, Monetary Authority of Singapore to Work on Fintech Initiatives

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in Riyadh, in the field of Fintech and innovation. The agreement was signed by Ayman Al-Sayari, Governor of SAMA, and Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of… Read More

Saudi Central Bank SAMA Releases Performance Report of Finance Firms Sector and Real Estate Refinance for H1 2023

The Saudi Central Bank (SAMA) issued its semi-annual performance report of the finance companies sector and real estate refinance for H1 2023. According to the report, most of the indicators in the finance companies sector “grew at varying rates in H1 2023.” The paid-up share… Read More

Saudi Central Bank (SAMA) Licenses Insurance, Finance Aggregation Firms

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… Read More

Saudi Central Bank (SAMA) Releases Latest Report Covering Nation’s Finance Companies Sector

The Saudi Central Bank (SAMA) issued the Annual Performance Report of the Saudi Finance Companies Sector 2022. The report outlines the sector’s key developments and financial results in 2022. According to the report, most indicators in the finance companies sector “grew at varying rates in… Read More

Saudi Central Bank (SAMA) Announces Regulations for Payments, Payment Services

The Saudi Central Bank (SAMA) announces the issuance of the Implementing Regulations for the Law of Payments and Payment Services “to support the objective of enhancing soundness and efficiency of the payment systems infrastructure in Saudi Arabia.” The relevant regulatory and supervisory frameworks enable SAMA… Read More

BNPL: Saudi Central Bank (SAMA) Seeks Public Consultation on Rules for Regulating Buy Now Pay Later Fintechs

The Saudi Central Bank (SAMA) seeks public consultation on the draft “Rules for Regulating Buy Now Pay later (BNPL) Companies.” In the interest of transparency and wider participation, SAMA reportedly “invites stakeholders and public to provide suggestions and observations on the draft Rules by visiting… Read More

Saudi Central Bank (SAMA) Announces Licensing of Finance Firms Focused on Debt-based Crowdfunding

The Saudi Central Bank (SAMA) announced the licensing of two finance companies that are “specialized in debt-based crowdfunding, namely: Forus and Tameed.” The licenses were “granted to the companies after successful testing of their solutions in SAMA’s Regulatory Sandbox; an experimental environment dedicated to innovative… Read More

Saudi Central Bank Launches Open Banking Lab

The Saudi Central Bank (SAMA) announced the launch of the Open Banking Lab according to the Open Banking Framework issued by SAMA November 2022. The Open Banking Lab aims “to enable innovation and accelerate the development of open banking services in the Kingdom as it… Read More

Saudi Central Bank (SAMA) Issues License to Manafa, a Finance Company

The Saudi Central Bank (SAMA) recently announced the licensing of Manafa ā€“ a finance company specialized in debt-based crowdfunding in the Kingdom. Manafa is “a closed joint-stock company with a capital of SAR 40 million.” The license was granted to the company “after a successful… Read More

Fintech Tweeq Receives e-Money License from Saudi Central Bank

Tweeq, a Saudi Fintech, has become one of the first Fintechs in the Kingdom to receive an e-money license from The Saudi Central Bank (SAMA). The e-Money license from SAMA will allow Tweeq to launch a “super app” providing neobank features and services tailored to… Read More

Saudi Central Bank Issues Payment Licenses to Arab Sea Financial Company, Fatoraah

The Saudi Central Bank (SAMA) announces the licensing of two payment financial technology companies, including: Arab Sea Financial Company and Fatoraah in order to provide Payment services for e-commerce. This brings the total number of payment companies licensed by SAMA “to 21 companies, in addition… Read More

Saudi Central Bank Grants Permit to Fintech Firms Lean Technologies, Mod5r

The Saudi Central Bank (SAMA) recently announced granting permit to a new batch of companies; Lean Technologies and Mod5r to “provide Open Banking Solutions; bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38.” This step completes “a series of… Read More

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