Saudi Central Bank (SAMA) Welcomes Four New Fintechs to Sandbox

Central Bank of Saudi Arabia (SAMA) granted permission to four new financial technology companies to offer open banking solutions in a regulated sandbox.

Wally Global Arabia, Sanam Aliliddikhar in Information Technology, Istishraf Al-Bayanat in Financial Technology When Spare Arabian Financial Company It joins 38 other licensed companies operating under SAMA’s regulatory sandbox, bringing the total to 42.

15 of them graduated with full accreditation and are accredited by SAMA.

SAMA recently updated its regulatory sandbox framework to an “always open approach.” The updated framework will increase flexibility by allowing financial institutions as well as local and international start-ups to apply at any time of the year, bringing more innovative business models to their clients.

We are also working with market participants, including banks and fintechs, to develop integrated open banking platforms in accordance with international regulatory and technical best practices.

SAMA launched a regulatory sandbox initiative in 2018 to bring local, regional and international fintech institutions and companies looking to leverage current and emerging technologies to offer innovative financial products and services to the Saudi market. won the participation of

This transition will allow applicants to apply to the regulatory sandbox when they are ready, in addition to bringing their business model/concept of choice and working on the specific business model/concept determined for the cohort. You will not be able to

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