SAMA Approves Nine Fintech Companies in Its Drive towards Digitalization of Saudi’s Financial Sector

The Saudi Arabian Monetary Authority (SAMA) has granted its approval for nine more Fintech companies to operate in its Regulatory Sandbox, raising the total to thirty. 

This new move comes on the back of SAMA's efforts towards digitalization of financial services and its move towards digital transformation in the financial sector. These efforts are in accordance with the requirements and objectives of the Financial Sector Development Program, one of Saudi Arabia's Vision 2030 programs.

SAMA revealed that it had received 103 applications relating to payments, lending and insurance services and that it had accepted nine of them which met the eligibility requirements in compliance with...