The Saudi Central Bank (SAMA) has granted approval to four new fintech startups to participate in its Regulatory Sandbox.
The startups are SpireTech, focusing on open banking, The Lending Hub and Soar, both offering peer-to-peer (P2P) lending, and Ldun, which provides factoring services for MSMEs.
This decision reflects SAMA’s ongoing efforts to support the growth of Saudi Arabia’s fintech sector, with a focus on promoting financial inclusion and fostering innovation.
The Regulatory Sandbox allows these startups to test their solutions in a controlled environment, which could lead to broader adoption in the future.
The Saudi Central Bank’s Regulatory Sandbox currently has 42 companies operating under it, some of which have successfully transitioned to full authorisation and licensing by the central bank.
Featured image credit: edited from Unsplash
