Saudi Central Bank licenses 3 new fintech companies
The Central Bank of Saudi Arabia (SAMA) announced licensing of three new companies specialized in finance and electronic payments. These companies are Bawa, Rabet, and Malaa Technologies. This brings the total number of payment companies licensed by SAMA to 35 companies.
This came during the Global Entrepreneurship Conference, according to the Saudi Press Agency (SPA).
SAMA stated that the license was granted to a new financial technology company specializing in electronic payments named Etihad Fintech Company “Mobily Pay”.
SAMA also followed up on the licensing of Consumer Microfinance Activities by issuing a second license to “FinZey” — a closed joint-stock company with a capital of SR20 million specialized in this kind of financial activity.
Moreover, SAMA kick-started the licensing of Debt-based Crowdfunding by granting “Lendo”— a closed joint-stock company with a capital of five million riyals, the license to conduct these kinds of financial activities within the Kingdom.
These initiatives come as part of SAMA’s role in strengthening the sectors of finance and payments-processing services by allowing them to engage in new activities and to entice a wider pool of investors and companies while ensuring efficient operation by adhering to SAMA’s control and supervisory requirements related to corporate governance and risk management, as well as displaying commitment to consumers and seeking to guarantee their protection.
SAMA aims to enhance Saudi’s financial stability
The initiatives also align with SAMA’s goal of enhancing the Kingdom’s financial stability and supporting its economic development and growth as part of its contribution to the objectives of Saudi Vision 2030.
SAMA reaffirmed that it is committed to supporting the sectors of finance and payments, and increasing the effectiveness and flexibility of financial transactions. SAMA aims to enable and encourage innovations in financial services. It also strives to enhance the level of financial inclusion in the Kingdom, and enable easy and safe access to financial services to all segments of the Saudi society.