The Saudi Central Bank (SAMA) has licensed ‘ALANNAYA AL-YATMANIA’ company in order to provide finance aggregation services.
According to the statement, “With ALANNAYA AL-YATMANIA, there are now five licensed companies providing finance aggregation services in Saudi Arabia.”
SAMA plays a key role in regulating and supervising the financial sector in the Kingdom, which includes banks, insurance companies, and financial institutions. Its main responsibilities involve maintaining the stability of the financial system, managing the Saudi Riyal, executing monetary policy, and fostering financial inclusion.
Saudi Central Bank has been focused on promoting the growth of the fintech sector in Saudi Arabia. This includes facilitating the launch of new technologies like digital payments, blockchain, and open banking. It has introduced initiatives to create a more favorable regulatory environment for fintech startups.
This decision is part of Saudi Central Bank’s wider efforts to fortify Saudi Arabia’s financial sector. The aim is to improve the efficiency of financial transactions and encourage the growth of innovative financial solutions that promote financial inclusion throughout the Kingdom.
SAMA said in a statement that this decision reflects its endeavor to support the financial sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions.
Earlier this year, SAMA licensed the ‘Nama United Financing’ company to provide real-estate finance, production assets finance, small and medium enterprise finance, finance lease, and consumer finance.
In addition, the Saudi Central Bank issued operational licenses in this year January to ‘Tal Finance’ to provide debt-based crowdfunding solutions and to ‘HIBERBAY INK AL-SAOUDIA For IT Systems’ to offer e-wallet solutions.
