Wally Global Arabia and Sanam Aliliddikhar for Information Technology are among the four companies which got approval from the Saudi Central Bank (SAMA) for providing open banking solutions.
The approvals were granted under SAMA’s Regulatory Sandbox.
Istishraf Al-Bayanat for Financial Technology and Spare Arabian Financial Company are the other two ventures which were approved by SAMA.
The latest approvals take the total number of permitted firms operating under SAMA’s Regulatory Sandbox to 42.
Of the 42, 15 have obtained full authorisations and were licensed by SAMA. Approval of more financial sector companies is expected to further boost the objectives of the country’s fintech strategy and economic growth.
SAMA has recently updated its Regulatory Sandbox framework to make it an ‘on tap’ programme.
The updated framework adopts greater flexibility by enabling financial institutions, as well as local and international startups to apply anytime throughout the year.
SAMA has been working with market participants including banks and fintechs to develop an integrated platform for open banking in accordance with international best regulatory and technical practices.
The approval will enable companies to develop and launch new and innovative open banking solutions.
Follow us on
