The Saudi Central Bank (SAMA) has issued new permissions and licenses to three Saudi FinTech startups to promote financial inclusion, reported the Saudi Press Agency (SPA).
SAMA has authorized “XSquare” and “NeotTek” to launch an Open Banking platform, and “MoneyMoon” to launch a peer-to-peer lending platform.
These recent authorizations bring the total number of FinTech companies that are currently operating under SAMA’s Regulatory Sandbox to 19 companies.
Since its launch in 2018, the bank’s sandbox has included 50 FinTechs companies to test and refine their offerings in a controlled environment.
The new permissions perfectly align with SAMA’s commitment to boosting the Saudi FinTech sector and achieving the objectives of the financial technology strategy to enhance innovation in the financial sector.
They stand as a testament to the bank’s pursuit to raise the level of financial inclusion and provide financial services to all segments of society.
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