Saudi Central Bank Boosts Financial Innovation with New Digital Brokerage License

The Saudi Central Bank (SAMA) has announced the issuance of a new license to the company “Mal Fintech” to operate as a digital brokerage for financing entities. This brings the total number of licensed companies in this sector to four. The license aligns with SAMA’s objectives to support the financial sector in Saudi Arabia by enhancing flexibility and efficiency in financial transactions, ultimately promoting financial inclusion and expanding access to financial services across various segments of society.

Through this initiative, SAMA aims to empower innovation within financial services, improving the sector’s efficiency and making transactions more seamless and accessible. To protect consumers and ensure transparency, SAMA emphasizes the importance of dealing only with officially licensed financial institutions. Verification of these licensed entities can easily be done by visiting the Saudi Central Bank’s official website.