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Saudi Central Bank Authorizes Fintech Companies to Practice Open Banking and Peer-to-Peer Financing Activities
The Saudi Central Bank (SAMA) announces the authorization of “Seen Square Fintech” and “New Technology for Software Solutions” to practice open banking activities, and “Money Moon” to practice peer-to-peer financing activities, to operate under the legislative sandbox.
With the addition of these authorizations, the total number of companies authorized under the legislative sandbox currently reaches 19 companies, while the total number of companies joining the legislative sandbox becomes 50 companies, since its launch in 2018.
This statement comes within the framework of the Saudi Central Bank’s efforts to develop the financial technology sector, and in order to achieve the objectives of the financial technology strategy to enhance innovation in the financial sector, and raise the level of financial inclusion to provide financial services to all segments of society.
The Saudi Central Bank stresses the importance of dealing with financial institutions licensed or authorized by SAMA, and this can be verified by visiting the website.
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