RIYADH: Saudi Arabia is fostering personalized financial products and services tailored to customer needs with the Kingdom’s monetary authority, granting open banking certifications to two fintech companies.
The Saudi Central Bank, or SAMA, has permitted Umg Alholol Trading Co. and Drahim App to test their open banking solutions in its regulatory sandbox, reported the Saudi Press Agency.
This brings the total number of innovators permitted to operate under the central bank’s regulatory sandbox to 45.
Of the 45 firms, 18 have graduated effectively and become licensed by SAMA to provide their solutions to consumers.
On Tuesday, SAMA granted open banking certification to Dubai-based Tarabut Gateway, which aims to intensify its operations in the Kingdom.
Tarabut Gateway, the region’s leading regulated open banking platform, has become one of the early recipients of SAMA’s permit to operate in Saudi Arabia.
Talking to Arab News, Abdullah Almoayed, CEO and founder of the fintech company, said that consumers in the Kingdom can now expect a wide range of innovative and personalized financial services.
“We are aware of the unique challenges faced by small and medium enterprises in Saudi Arabia, particularly regarding cash-flow management and access to funding. We will address this issue head-on by assisting SMEs to access the funding they need via open banking-enabled financial services and products,” Almoayed said.
He said: “The new era of financial services we stand for is user-centric and contributes to customers’ financial well-being.”
Those moves and initiatives are projected to help the Kingdom come one step closer to achieving the objectives of the Financial Sector Development Program in making the Kingdom among the leading nations in financial technology.
The central bank has been working toward increasing the adoption of the fintech sector to boost the effectiveness and flexibility of financial transactions.
Moreover, it has also been promoting financial inclusion for the various segments of society.
On Wednesday, SAMA permitted Spotii and Madfu to provide consumer finance through the buy now, pay later platform.
That said, Saudi shoppers can soon find more flexible payment options as two more BNPL companies enter the consumer finance market.