Saudi Central Bank permits 4 new FinTech firms to operate under Regulatory Sandbox
The Saudi Central Bank (SAMA) has granted permits to a new batch of companies to provide open banking solutions in the Regulatory Sandbox.
The new entrants, Wally Global Arabia, Sanam Aliliddikhar for Information Technology, Istishraf Al-Bayanat for Financial Technology, and Spare Arabian Financial Company, will bring the total number of permitted firms operating under SAMA's Regulatory Sandbox to 42, of which 15 have graduated by obtaining full authorizations and were licensed by SAMA, Saudi Press Agency (SPA) reported.
SAMA has recently updated its Regulatory Sandbox Framework to an Always Open Approach. The updated framework adopts greater flexibility by enabling financial institutions, as well as local and international Startups to apply anytime throughout the year, and bring more innovative business models to their clients.
SAMA has been working with market participants including banks and FinTechs to develop an integrated platform for open banking in accordance with international best regulatory and technical practices as this should enable participants to develop and launch new and innovative open banking solutions.