Featured Product

    SAMA Updates Regulatory Sandbox Framework

    August 31, 2022

    The Saudi Arabian Monetary Agency (SAMA) updated the Regulatory Sandbox framework and granted permits to two fintech firms to operate under its Regulatory Sandbox.

    The updated Regulatory Sandbox framework supports the objectives of the Fintech Strategy by promoting further innovations in technology-based financial services. The updated framework supports a broad range of fintech activities through several initiatives serving as catalysts for change, and allows fintech companies to submit Regulatory Sandbox applications as of September 06, 2022. The updated framework of the Regulatory Sandbox is open for both local and international applicants including entrepreneurs, non-regulated companies or existing regulated entities. The updated framework will give greater flexibility to applicants to move from a cohort based approach to an always open approach, providing them the opportunity to apply to the Regulatory Sandbox when they are ready and in addition bring their chosen business model/concept and not work to a specific one determined for the cohort. The central bank, in cooperation with Saudi Fintech, plans to hold an introductory workshop on the updated regulatory framework for the legislative experimental environment in future.

    SAMA granted permits to "Lean Technologies" and "Mod5r" to operate under its Regulatory Sandbox, bringing the total number of permitted fintech companies to 38. SAMA clarified that this batch of permitted companies will provide open banking solutions. The permit came concurrently with the Council of Ministers' decision on the second quarter of 2022, which provides for adoption of the Fintech Strategy containing the supreme directive order for the Kingdom of Saudi Arabia to be among the leading countries in the field of fintech. SAMA is working alongside other participants, including banks and fintech companies, on developing and implementing an integrated high standard network to carry out open banking solutions in the Kingdom.

     

    Related Links

     

    Keywords: Middle East and Africa, Saudi Arabia, Banking, Fintech, Regtech, Regulatory Sandbox, Licensing, Open Banking, Fintech Strategy, SAMA

    Related Articles
    News

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News
    News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News
    News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    News

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News
    News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News
    News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News
    News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News
    News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8962