Saudi Arabia Permits 3 New Fintech Companies to Operate Under Its Regulatory Sandbox2. June 2023
The Saudi Central Bank (SAMA) announces granting permits to three innovators to test their Open Banking solutions in the Regulatory Sandbox.
These companies are: Tarabut Gateway Company for Information Technology, Umg Alholol Trading Co (known as Single View), and Drahim App for Financial Technology. With these additions, the total number of innovators permitted to operate under SAMA’s Regulatory Sandbox reached 45, where 18 of them have successfully graduated and became licensed by SAMA to provide their solutions to the consumers.
This step asserts SAMA’s commitment to support the financial sector and contribute towards the realization of the Fintech strategy objectives for the Kingdom of Saudi Arabia to be among the leading countries in Fintech.
It is worth noting that SAMA has recently issued an updated Regulatory Sandbox Framework to allow financial institutions, local and international startups to apply to the Regulatory Sandbox throughout the year.
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