Saudi Arabia
Fintech Licence Overview in Saudi: All the Players You Have to Know
Tweeq International Financial Company, a Saudi Arabian business, has been granted a license to operate as a payment fintech company and provide e-wallet services, the Saudi Central Bank (SAMA) announced on November 22, 2022. The approval is the 11th unveiled
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Saudi British Bank Partners With Visa’s Cybersource to Enhance Its Payment Gateway
Saudi British Bank (SABB) has partnered with Visa’s Cybersource to enhance its payment solutions and network uptime, and supplement the bank’s payment gateway proposition. According to a 2021 Visa survey, more than 60% of consumers surveyed in Saudi Arabia said
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Bahrain, UAE and Saudi Arabia Recognized as Open Banking Leaders in the GCC
In the Gulf Cooperation Council (GCC), the open banking phenomenon is evolving at a rapid pace. Across the region, regulators are embracing the imperative aggressively, having acknowledged the potential of data sharing to improve customer experience and increase financial inclusiveness.
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Tweeq Granted SAMA Payments License to Offer E-Wallet Services
The Saudi Central Bank (SAMA) has granted a payment license to Riyadh-based money app Tweeq to provide e-wallet services, bringing the total number of payment companies licensed by SAMA to 23. This comes in addition to five companies which have
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Saudi Arabia: Fintech Momentum to Continue in 2023 Driven by Open Banking and Digital Banking
In Saudi Arabia, the fintech industry has risen significantly over the past year, a growth that’s evidenced by accelerated new business creation and soaring investment activity. In 2023, the momentum is expected to continue, building on new regulations, supportive initiatives
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Ta3meed Selects Moneythor’s Loyalty Solution for Its Purchase Order Financing Platform
Saudi purchase order financing platform Ta3meed has selected Moneythor’s personal finance management and loyalty solutions to enhance its platform with loyalty features. Under the partnership, Moneythor will provide Ta3meed’s loyalty programme with data-driven personalisation capabilities to strengthen its digital engagement
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Canada’s Salt Edge Expands Its Open Banking Offering to Saudi Arabia
Canadian open banking solutions provider Salt Edge is expanding to Saudi Arabia to enable financial institutions to share their transactional data, initiate payments, and meet compliance requirements. The company hopes to help Saudi banks comply with SAMA’s new open banking
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Report Details 11 Fintech Regulatory Sandboxes in MENA in 2022
The MENA Fintech Association’s (MFTA) Open Finance Working Group has published a new report on the rise of open banking and embedded finance in the Middle East and North Africa. The report found that regulators in the region have been
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Saudi Arabia’s Fintech Industry Saw US$400M in Investments in the Past Year
Saudi Arabia’s fintech industry has continued to grow at a rapid pace in the last 12 months according to the recently published Fintech Saudi Annual Report 2021/2022. According to the report, the number of active fintech companies in Saudi Arabia
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Saudi Arabia Issues the Open Banking Framework
Saudi Arabia’s central bank “SAMA” announced recently the issuance of the Open Banking Framework as one of the key outputs of the Open Banking Program, which includes a comprehensive set of legislation, regulatory guidelines and technical standards based on international
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