Saturday, October 28, 2023

“2 Fintech Firms Receive Open Banking Certifications from Saudi Central Bank”

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Saudi Arabia is prioritizing personalized financial products and services that cater to individual customer needs, with the Saudi Central Bank granting open banking certifications to two fintech firms. Umg Alholol Trading Co. and Drahim App have been given permission to test their open banking solutions in the regulatory sandbox of the Saudi Central Bank, bringing the total number of innovators permitted to operate under the central bank’s regulatory sandbox to 45. Of these 45 firms, 18 have graduated and become licensed by SAMA to provide their solutions to consumers. Tarabut Gateway, the region’s leading regulated open banking platform, has also received open banking certification from SAMA and aims to intensify its operations in the Kingdom. Abdullah Almoayed, CEO and founder of Tarabut Gateway, said that consumers in Saudi Arabia can now expect a wide range of innovative and personalized financial services. These moves and initiatives are expected to help the Kingdom achieve the objectives of the Financial Sector Development Program and become one of the leading nations in financial technology. The central bank has been working towards increasing the adoption of the fintech sector to boost the effectiveness and flexibility of financial transactions while promoting financial inclusion for various segments of society. Recently, SAMA permitted Spotii and Madfu to provide consumer finance through the buy now, pay later platform, which means that Saudi shoppers can soon find more flexible payment options as two more BNPL companies enter the consumer finance market.

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