SAMA Grants License to Fintech Companies, Extends Guarantee Program
The Saudi Arabian Monetary Agency (SAMA) granted two fintech firms permits to operate under its Regulatory Sandbox, licensed three new companies specialized in finance and electronic payments, and extended guaranteed financing program.
Below are the key highlights of the recent updates:
- SAMA granted permit to "Bwatech, Rabet, and Mala'a" to operate under its Regulatory Sandbox, bringing the total number of permitted fintech companies to 35. SAMA clarified that this batch of permitted companies will be able to provide "open banking" services, which will allow consumers to access their banking information and share it securely with open banking service providers with clear and explicit consent.
- SAMA granted license to a new financial technology company named Etihad Fintech Company "Mobily Pay," which specializes in electronic payments. The newly licensed company is now eligible to provide e-wallet payment services, thus bringing the total number of payment companies licensed by SAMA to 17. SAMA also kick-started the licensing of debt-based crowdfunding by granting "Lendo" the license to conduct certain financial activities and followed-up on the licensing of consumer microfinance activities by issuing a second license to "FinZey."
- SAMA extended the Guaranteed Financing Program for one more year until March 14, 2023, for micro, small, and medium enterprises (MSMEs). This step is consistent with the SAMA mandate of promoting financial sector stability, supporting economic growth, and enhancing the Saudi Central Bank's support to MSME growth and to overcome challenges that arise from COVID-19 preventive measures.
Related Links
- Press Release on Granting Permit to Fintech Companies
- Press Release on Licensing Fintech Companies
- Press Release on Guaranteed Financing Program
Keywords: Middle East and Africa, Saudi Arabia, Banking, Fintech, Regtech, Licensing, Regulatory Sandbox, SMEs, Credit Risk, Covid-19, Financing Program, Lending, Crowdfunding Service Providers, SAMA
Featured Experts

Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous Article
SNB Updates Reporting Forms while FINMA Lifts Measures on SberbankRelated Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.