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… Read More
Read more in: Fintech, Global | Tagged crowdfunding, SAMA, saudi arabia, saudi central bank
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
Read more in: General News, Fintech, Politics, Legal & Regulation | Tagged app.net, central bank, mena, mena region, middle east, progress report, real estate, reserve banks, SAMA, saudi arabia, saudi central bank
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
Read more in: Asia, Fintech, Politics, Legal & Regulation | Tagged insurance, mena, mena region, saudi arabia, saudi central bank, update
The Saudi Central Bank (SAMA) has reportedly licensed “Alhulul AlMubassatah Financial Company (SiFi)” to provide E-wallet solutions. With SiFi, there are now 25 licensed companies “offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA’s… Read More
Read more in: Asia, Fintech, Politics, Legal & Regulation | Tagged digital transactions, digital wallets, e-wallet, financial services, mena, mena region, middle east, saudi arabia, saudi central bank
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
Read more in: Fintech, Asia, Politics, Legal & Regulation | Tagged central bank, financial services, mena, mena region, middle east, payment services, payments, reserve bank, SAMA, saudi arabia, saudi central bank
The Saudi Central Bank (SAMA) announced the licensing of Mani, a finance debt collection company to provide debt collection service for finance institutions. The license was granted to the company after completing all requirements stipulated in the “Rules of Licensing Finance Support Activities” issued by… Read More
Read more in: Asia, Fintech, Politics, Legal & Regulation | Tagged debt collection, digital financial services, financial institutions, financial services, mena, mena region, middle east, operational license, SAMA, saudi central bank
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
Read more in: Asia, Fintech | Tagged cbdcs, central bank digital currency, crowdfunding, financial services, financing, licensing, mena, mena region, middle east, SAMA, saudi arabia, saudi central bank, virtual currencies
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
Read more in: Asia, Fintech | Tagged mena, mena region, middle east, open banking, SAMA, saudi arabia, saudi central bank
The Saudi Central Bank (SAMA) recently announced the licensing of Manafa – 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
Read more in: Asia, Investment Platforms and Marketplaces | Tagged crowdfunding, financing, licensing, mena, mena region, middle east, SAMA, saudi arabia, saudi central bank
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
Read more in: Asia, Fintech, Politics, Legal & Regulation | Tagged digital commerce, e-commerce, financial services, mena, mena region, middle east, operational license, payments, SAMA, saudi arabia, saudi central bank
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
Read more in: Asia, Fintech | Tagged financial services, lean technologies, mena, mena region, middle east, open banking, operational license, regulatory sandbox, SAMA, saudi arabia, saudi central bank
The newly formed financing firm in Saudi Arabia, Positive Facilities Co. Ltd. (Ejabiah), has reportedly entered an agreement with Path Solutions for the introduction of its interest-free Core banking platform. Ejabiah will be providing a unique 0% interest financing product, which is somewhat similar to… Read More
Read more in: Fintech, Asia | Tagged Islamic Banking, lending, mena, mena region, middle east, open banking, path solutions, SAMA, saudi arabia, saudi central bank, sharia-compliant, small businesses, smbs, sme's
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