The Saudi Central Bank (SAMA) has granted approval for four new fintech startups to experiment with their innovative solutions within SAMA’s Regulatory Sandbox. The startups include SpireTech, which focuses on open banking, The Lending Hub and Soar for peer-to-peer (P2P) lending, and Ldun, which specializes in factoring for micro, small, and medium enterprises. This initiative, SPA reported, highlights SAMA’s ongoing commitment to advancing the Saudi fintech sector and promoting financial inclusion and innovation.
Fintech startups approved in September 2024
In September 2024, SAMA granted permission to three fintech startups to trial their innovative solutions in SAMA’s Regulatory Sandbox. “XSquare” and “NeotTek” received authorization to launch an Open Banking platform, while “MoneyMoon” is set to introduce a peer-to-peer lending platform.
Growth of SAMA’s Regulatory Sandbox
Since its inception in 2018, SAMA’s Regulatory Sandbox has enabled 50 fintechs to test and refine their offerings within a controlled environment. This trend further reinforces SAMA’s ongoing dedication to cultivating the Saudi fintech sector and promoting financial inclusion and innovation. For a complete list of licensed and permitted financial institutions, please visit SAMA’s official website.
Read more: Startups in UAE, Saudi, and Egypt raised almost $3.5 billion in 2022
Alignment with financial technology strategy
Moreover, the recent approvals align seamlessly with SAMA’s mission to enhance the Saudi fintech sector and fulfill the goals of the financial technology strategy aimed at boosting innovation within the financial sector. Moreover, these initiatives serve as a testament to the bank’s commitment to elevating financial inclusion and delivering financial services to all segments of society.
