SAMA Licenses ‘Muhlah Zamaniyah’ Company to Engage in Consumer Microfinance Activity, ‘Hot Spot’ Company to Provide Finance Aggregation Services, 'Muqaranah' for Finance Aggregation Services and Approves Two FinTech Innovators to Join Regulatory Sandbox

The Saudi Central Bank (SAMA) licensed “Muhlah Zamaniyah” company to engage in consumer microfinance activity through financial technology. With Muhlah Zamaniyah, there are now 11 licensed companies offering consumer microfinance solutions in Saudi Arabia. This addition brings the total number of finance companies licensed by SAMA to 68.
 According to a press release issued by SAMA today, this decision reflects the bank’s endeavor to support the finance sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasized the importance of dealing exclusively with authorized financial institutions. Licensed and permitted financial institutions are available at SAMA’s official website.

The Saudi Central Bank (SAMA) licensed “Hot Spot” company to provide finance aggregation services in Saudi Arabia. According to a press release issued by SAMA today, this decision reflects the bank’s endeavor to support the financial sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasized the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.

The Saudi Central Bank (SAMA) licensed “Muqaranah” company today to provide finance aggregation services in Saudi Arabia. According to a press release issued by SAMA today, this decision reflects the bank's endeavor to support the financial sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasized the importance of dealing exclusively with authorized financial institutions. Licensed and permitted financial institutions are available at SAMA’s official website.

The Saudi Central Bank (SAMA) has permitted Manafa for Debt-Based Crowdfunding and Tawrid for Financial Solutions to test their supply chain finance solutions within SAMA’s Regulatory Sandbox. According to a press release issued by the SAMA today, the total number of FinTech companies currently operating under SAMA’s Regulatory Sandbox has increased to 25, underscoring the Central Bank’s ongoing efforts to develop the Saudi FinTech sector and its commitment to promoting financial inclusion and innovation. SAMA emphasized the importance of dealing exclusively with authorized financial institutions. A list of licensed and permitted institutions is available on SAMA’s official website.