Riyadh: The Saudi Central Bank (SAMA) announced granting a new batch of companies the permit to provide Open Banking Solutions in the Regulatory Sandbox.
Permitted FinTechs are:
Wally Global Arabia
Sanam Aliliddikhar for Information Technology
Istishraf Al-Bayanat for Financial Technology
Spare Arabian Financial Company
This will bring the whole number of permitted firms to 42 that operate under SAMA’s Regulatory Sandbox, of which 15 have passed by obtaining full authorizations and were licensed by SAMA, reported SPA (Saudi Press Agency)
SAMA newly updated the Framework of its Regulatory Sandbox to an Always Open Approach. Financial institutions and local and international Startups can apply anytime throughout the year and bring on innovative business models to their clients according to the updated framework.
SAMA has been working with banks and FinTechs including other market participants to develop an integrated platform for Open Banking, in line with international best regulatory and technical practices as this should enable participants to develop and begin new and innovative Open Banking Solutions. (Reports Saudi Gazette)