Tagged: SAMA

August 29, 2022 @ 10:17 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) recently 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 completes “a series of… Read More

September 23, 2021 @ 10:02 pm By Omar Faridi  |  

The newly formed financing firm in Saudi Arabia, Positive Facilities Co. Ltd. (Ejabiah), has reportedly entered an agreement with Path Solutions for the introduction of its interest-free Core banking platform. Ejabiah will be providing a unique 0% interest financing product, which is somewhat similar to… Read More

June 24, 2021 @ 11:45 pm By Omar Faridi  |  

The Saudi cabinet has reportedly granted a digital banking permit to STC Pay, a virtual payments solution provider that’s a wholly owned subsidiary of Saudi Telecom. STC Pay will now be converted into a domestic virtual bank, with a capital of SAR 2.5 billion (appr…. Read More

April 24, 2021 @ 9:17 pm By Omar Faridi  |  

Saudi Arabia-based Tamara, a Buy Now, Pay Later (BNPL) service provider, recently confirmed that it finalized a $110 million Series A funding round led by Checkout.com. The funds raised will be used by Tamara to scale its professional team, expand into new markets in the… Read More

February 22, 2021 @ 9:57 pm By Omar Faridi  |  

The reserve bank in Saudi Arabia has introduced an instant payments solution, called the “Sarie” system, in order to carry out low-value transactions within the country. The Saudi reserve bank (SAMA) noted that the new initiative will allow banking customers in the Kingdom to accept… Read More

December 2, 2020 @ 10:11 pm By Omar Faridi  |  

The Middle East focused Fintech Tour 20 officially began on November 29, 2020. The event will provide key insights on the evolving financial technology sector in Saudi Arabia and aims to bring together local and international industry professionals. Ahmed Alkholifey, Governor of the Saudi Central… Read More

October 20, 2020 @ 10:01 pm By Omar Faridi  |  

Dr. Ahmed Abdulkarim Alkholifey, the Governor of Saudi Arabian Monetary Authority (SAMA), the nation’s reserve bank, says that central bank digital currencies or CBDCs seem to be promising and are worth further exploration. Dr. Ahmed’s comments came during a recent webinar held by the International… Read More

August 18, 2020 @ 11:37 pm By Omar Faridi  |  

Fintech Saudi, an initiative that aims to transform Saudi Arabia into an innovative Fintech Hub with “a thriving and responsible” financial technology ecosystem, has been supporting the Kingdom’s economy by establishing an ecosystem directory and an online jobs portal dedicated to Fintech professionals. Fintech Saudi… Read More

April 20, 2020 @ 7:35 am By Omar Faridi  |  

The Saudi Arabian Monetary Authority (SAMA), the nation’s reserve bank which is also responsible for ensuring the growth and soundness of the Kingdom’s financial system, confirmed on April 19, 2020 that it will allow nine more Fintech firms to provide services through a regulatory sandbox… Read More

March 23, 2020 @ 11:02 pm By Omar Faridi  |  

The number of new Fintech firms being launched in Saudi Arabia’s financial services sector is increasing, and they are transforming the nation’s traditional banking processes. Rajesh Prasad, partner at Big Four auditing firm KPMG, argues that banks now have to respond to the growing threat… Read More

November 5, 2019 @ 7:24 am By Omar Faridi  |  

Saudi Arabia-based Riyad Bank, one of the largest financial institutions in the Middle Eastern Kingdom, has decided to invest SAR 100 million (appr. $26.7 million) into its newly-launched Fintech startup investment program. Riyad Bank says it’s planning to accelerate the launch of new financial products… Read More