Featured Product

    SAMA Grants License to Fintech Companies, Extends Guarantee Program

    March 28, 2022

    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


    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
    Related Articles

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News

    FASB Proposes Improvements to 2023 GAAP Reporting Taxonomy

    The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.

    November 03, 2022 WebPage Regulatory News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8588