The Saudi Central Bank (SAMA) has announced the issuance of new licenses to two fintech companies to practice open banking activities. These companies are “Seen Tarbee for Fintech” and “New Technology for Software Solutions.” Additionally, the bank has licensed “Money Moon” to conduct peer-to-peer lending activities, all under the Regulatory Sandbox supervised by the central bank.
With the addition of these new licenses, the total number of companies licensed to operate under the regulatory sandbox now reaches 19. Furthermore, the total number of companies that have joined the sandbox since its launch in 2018 has risen to 50.
This development aligns with SAMA’s ongoing efforts to support innovation in the fintech sector and to achieve the goals of the Fintech Strategy, which aims to enhance financial innovation and increase financial inclusion, ensuring that financial services are accessible to all segments of society.
In this regard, the central bank emphasizes the importance of dealing with financial institutions that are licensed or authorized by “SAMA.” Individuals can verify licensed companies by visiting the central bank’s official website.
