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SAMA Permits Kady Pay as New BNPL Solution Provider

The Saudi Central Bank (SAMA) permitted “Kadi Pay” to provide Buy Now Pay Later (BNPL) solutions. With Kadi Pay, there are now six authorized companies offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies

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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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SAMA

Saudi Central Bank

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“Aber” Project, The Common Digital Currency Between SAMA and UAECB

The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) clarified in a joint statement that one of the objectives of launching the common digital currency project ” Aber” is for use in financial settlements between the

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Ripple and Saudi Arabian Monetary Authority (SAMA) Offer Pilot Program for Saudi Banks

The Saudi Arabian Monetary Authority (SAMA) — the central bank for the Kingdom of Saudi Arabia (KSA) — has signed an agreement with Ripple to help banks in the KSA improve their payments infrastructure using xCurrent. This ground-breaking pilot program is the first

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Saudi Central Bank Allocates Payment Licenses To Network International Arabia and Barraq

The Saudi Central Bank (SAMA) licensed “Network International Arabia” to provide payment services through points-of-sale (POS), and “Barraq” to offer e-wallet services. With the addition of these two companies, there are now 27 licensed companies offering payment services in Saudi

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Saudi Digital Lending Platform Tameed Platform Closes USD 15 Million Series A Funding

Tameed Digital Lending Platform, which offers shariah-compliant Government Purchase Orders Financing for SMEs in Saudi Arabia, announced that it has successfully closed a funding round (Series A) amounting to SAR 56.75M (USD 15M) lead by Alromaih Investments. Tameed plans to

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Saudi Central Bank Issues Rules for BNPL Companies

The Saudi Central Bank (SAMA) announces the issuance of the “Rules for Regulating Buy Now Pay Later (BNPL) Companies,” as part of its role in supervising and controlling the BNPL companies. This decision reflects SAMA’s continuous efforts to develop the

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Saudi’s Tamara Is Now a Fintech Unicorn

Tamara, a leading fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s first homegrown fintech unicorn by securing $340 million in a Series C equity

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Saudi’s Debt Crowdfunding Marketplace Lendo Closes $28M Series B Funding

Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund PIF. The round saw participation from Shorooq Partners, AB

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