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Saudi Arabia Permits 3 New Fintech Companies to Operate Under Its Regulatory Sandbox

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

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Saudi Licenses 24th Fintech Company

The Saudi Central Bank (SAMA) licensed “Rasid Payments Company for Financial Technology” to provide payment solutions through point of sales (POS). This addition brings the total number of payment companies licensed by SAMA to 24, in addition to six companies

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Saudi Licenses Two Additional Debt-Based Crowdfunding Fintech Startups

The Saudi Central Bank (SAMA) announced the licensing of two finance companies specialized in debt-based crowdfunding, namely: Forus and Tameed. The licenses were granted to the companies after successful testing of their solutions in SAMA’s Regulatory Sandbox; an experimental environment

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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

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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,

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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

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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 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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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 Central Bank Permits 2 New Fintech Startups to Operate Under Its Regulatory Sandbox

The Saudi Central Bank (SAMA) announced granting permit to a new batch of companies; “Lean Technologies” and “Mod5r” to provide Open Banking Solutions; bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38. This step

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