The Saudi Central Bank (SAMA) has announced the licensing of two new companies as part of its ongoing efforts to strengthen the Kingdom’s financial sector, enhance innovation, and expand access to financial services across the country.
Saudi Central Bank granted a license to Muwafaqa Alragmiya to provide finance aggregation services and licensed jak almuqaddimah Company to offer consumer finance services.
The approvals reflect the Saudi Central Bank’s commitment to developing a dynamic and competitive financial ecosystem that supports the objectives of Saudi Arabia’s financial sector development programs.
With the latest approval, Muwafaqa Alragmiya joins the growing number of companies operating in the Kingdom’s financial technology landscape. Finance aggregation services enable customers to consolidate and access financial information from multiple institutions through a single platform, helping improve financial management and customer experience.
The licensing decision aligns with its efforts to support the financial sector, improve the efficiency of financial transactions, and encourage the adoption of innovative financial solutions that contribute to greater financial inclusion throughout Saudi Arabia.
Meanwhile, the licensing of jak almuqaddimah Company to provide consumer finance services increases the total number of finance companies licensed in the Kingdom to 75. The move is expected to expand financing options available to individuals while enhancing competition within the sector.
According to Saudi Central Bank, the decision reflects its strategy to support and enable the finance industry, improve the efficiency and flexibility of financial transactions, and foster innovation in financial services. These efforts are aimed at strengthening financial inclusion and ensuring that a wider range of financial products and services is accessible to all segments of society.
