The Saudi Central Bank (SAMA) has announced the authorization for “Sulfah Finance” to engage in peer-to-peer lending activities and “Wadaie Fintech” to engage in time-deposit aggregation activities. This authorization comes under the regulatory sandbox framework supervised by the bank.
Enhancing Innovation and Financial Inclusion
This decision is part of SAMA’s efforts to develop the fintech sector, aiming to achieve the goals of the fintech strategy, which include fostering innovation in the financial sector and increasing financial inclusion to provide financial services to all segments of society.
Dealing with Licensed Financial Institutions
The Saudi Central Bank emphasized the importance of dealing with financial institutions that are licensed or authorized by SAMA, noting that verification can be done by visiting the bank’s official website.
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