RIYADH: The Saudi Central Bank has granted a license to Themar, a Shariah-compliant peer-to-peer purchase financing network, to offer debt-based crowdfunding solutions in the Kingdom,
Themar has become the seventh fintech firm in the Kingdom authorized to offer its products and solutions, a SAMA statement said. The fintech firm helps connect small and micro businesses to investors.
It is part of the central bank’s efforts to strengthen the Kingdom’s financial sector, boost transactional efficiency, and promote innovative financial inclusion.
In January, SAMA issued licenses to two fintech firms specialized in debt-based crowdfunding.
Through an easy-to-use and secure app, Forus offers a new method of managing finances.
Tameed, on the other hand, is an exclusive platform in Saudi Arabia for purchase order finance. It provides funding through peer-to-peer financing based on government-backed purchase orders, linking small and mid-market firms seeking financing.
One of the seven authorized companies offering debt-based crowdfunding solutions in the Kingdom to small and medium enterprises, Riyadh-based fintech firm Raqamyah, obtained a license in February.
These permits bring SAMA closer to its goal of positioning Saudi Arabia as one of the leading countries in the fintech industry.
According to figures released by SAMA in July, Saudi Arabia’s finance firms saw their collective portfolios surge 10.8 percent to SR75.45 billion ($20 billion) in 2022.
The total sector assets increased by 6.5 percent to reach SR57.02 billion, in addition to the net income growing by 3.3 percent, reaching SR1.86 billion.
Speaking at the Financial Sector conference in Riyadh in March, Saudi Finance Minister Mohammed Al-Jadaan said that the Kingdom’s financial and digital sectors are flourishing as the country pushes ahead with its Vision 2030 economic diversification strategy.
SAMA has also played an important role in propelling the financial and insurance sectors by establishing a regulatory framework that fosters stability and confidence.
