RIYADH: The Saudi Central Bank, also known as SAMA, has granted permits allowing three new fintechs to operate under its regulatory sandbox, bringing the total number to 35.
Customers of Bwatech, Rabet and Mala'a will now be able to access their banking information and have it shared securely with banking service providers.
These companies also fall within the operational framework of the regulatory sandbox in line with SAMA's efforts to digitize and improve financial services and accelerate the digital transformation of the financial sector.
SAMA is working with the financial sector to build and equip an integrated system for the implementation of open banking services across the Kingdom, in accordance with the best regulatory standards for new and innovative services and technologies.
This stage of the program will also encourage financial sector participants to start designing and planning for the implementation of new and innovative financial products and services that are in accordance with relevant open banking practices.