4 New Fintech Firms Get the Nod to Operate Under SAMA Regulatory Sandbox
In the latest announcement, SAMA (Saudi Central Bank) permitted a few of the fintech firms to operate under its regulatory sandbox. Spare Arabian Financial Company, Wally Global Arabia, Istishraf Al-Bayanat for Financial Technology, and Sanam Aliliddikhar for Information Technology were the first four to enter, with a target to bring in 42 companies. Out of these 42, 15 were wholly licensed and authorized by SAMA.
FSDP (Financial Sector Development Program) of Saudi Vision 2030 makes progress using various strategic objectives. It diversifies and promotes financial services in payments, investments, and savings to increase financial awareness across different community segments. These steps contribute to improving Saudi Arabia’s economic growth, along with achieving the Fintech strategy’s objectives.
SAMA has updated its sandbox with an open approach. This update offers greater flexibility for international and local startups and other financial institutions to pour in creative business ideas and apply anytime of the year. Working with fintech and banks, SAMA develops an excellent platform for banking with international practices and the best regulatory system.
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