FinTech

SAMA grants Funding Souq a license to practice crowdfunding activity

The Saudi Arabian Monetary Authority (SAMA) has granted a license to “Funding Souq” to engage in collective debt financing activities.

With this license, the total number of companies licensed to engage in this activity in the Kingdom of Saudi Arabia reaches ten, while the number of licensed financing companies in general stands at 61.

This decision comes within the framework of SAMA’s efforts to support and empower the financing sector, aiming to enhance the effectiveness and flexibility of financial transactions.

It also seeks to encourage innovation in financial services, with the goal of promoting financial inclusion in the Kingdom and ensuring access to financial services for all segments of society.

The central bank emphasizes the importance of dealing with licensed financial institutions or those authorized by SAMA, which can be verified by visiting the central bank’s website.

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