Saudi Arabia
Saudi Central Bank Continues CBDC Trials
The Saudi Central Bank (SAMA) continues to experiment on Central Bank Digital Currency (CBDC) as it is currently working on a phase of a project that focuses on domestic wholesale CBDC use cases in collaboration with local banks and fintechs.
Read More
VC Funding Soars in Saudi Arabia, Propelled by Fintech
2022 was a record-breaking year for venture capital (VC) investment in Saudi Arabia. Startups in the country secured a total of US$987 million across 144 deals, representing a staggering 72% increase in funding volume compared with 2021, according to a
Read More
Saudi Central Bank Launches Open Banking Lab
The Saudi Central Bank (SAMA) announced the launch of the Open Banking Lab according to the Open Banking Framework issued by SAMA November 2022. The Open Banking Lab aims to enable innovation and accelerate the development of open banking services
Read More
Temenos Partners With NdcTech to Expand Its Market Reach in the Gulf Region
Banking software company Temenos announced that it will be granting license rights to NdcTech, a wholly owned subsidiary of Systems Limited and one of its largest regional system integrators partners. This will allow NdcTech to further develop and market the
Read More
Saudi Arabia Fintech Funding Jumped 54% This Year
Despite a global startup funding pullback, Saudi Arabian fintech industry continued to grow and mature this year. Companies in the sector have, so far, secured a total of US$367 million in financing this year as of September, a sum which,
Read More
Saudi Central Bank Licenses New Fintech Company Specialized in Debt-Based Crowdfunding
The Saudi Central Bank (SAMA) announced the licensing of Manafa – a finance company specialized in debt-based crowdfunding in the Kingdom. Manafa is a closed joint-stock company with a capital of SAR 40 million. The license was granted to the
Read More
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
Read More
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
Read More
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.
Read More
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
Read More