The Saudi Central Bank (SAMA), as per a press release, permitted three new FinTech startups to test their innovative solutions in SAMA’s regulatory sandbox. “XSquare” and “NeotTek” are authorized to launch an Open Banking platform, and “MoneyMoon” is authorized to launch a peer-to-peer lending platform.
With these additions, the total number of FinTech companies currently operating under SAMA’s Regulatory Sandbox increased to 19. Since its launch in 2018, SAMA’s Regulatory Sandbox has permitted 50 FinTechs to test and refine their offerings in a controlled environment.
This trend underscores SAMA’s continued efforts in developing the Saudi FinTech sector and its commitment to promoting financial inclusion and innovation. To view licensed and permitted financial institutions, visit SAMA’s official website.
Source: spa.gov.sa