SAMA licenses 16 FinTechs in Q3 2021, says Al-Mubarak

Fahad Al-Mubarak, Governor of SAMA 

The Saudi Central Bank (SAMA) licensed 16 financial technology (FinTech) firms, which received the Financial Technology Experimental Permit (FinTech ExPermit), in the third quarter of the year, Governor Fahad Al-Mubarak said on the sidelines of Fintech Tour 21.

As many as 13 FinTech firms are operating in the field of electronic payments and wallets, while three others are operating in insurance and finance.

The successful experimental environment contributed to developing and issuing several rules to govern such activities. In the last three years, SAMA issued and updated a slew of regulations and instructions that support FinTech and digital transformation in the Kingdom.

For the “Open Banking” policy, Al-Mubarak expected the rollout of Open Banking services to increase competition and innovative services; enhance efficiency in the banking systems; and boost the rates of financial inclusion.

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Through open banking, SAMA aims in cooperation with the sector staff to enhance the readiness of the technological infrastructure of the sector, and ensure the availability of the best monitoring standards for the new services and technologies, Al-Mubarak concluded.