This highlights Sama’s continuous commitment to advance the Saudi sector of Fintech, to promote financial inclusion and innovation
The Saudi central bank (SAMA) has granted the approval of four new fintech startups to experience their innovative solutions within Samaregulatory sandbox. Startups include Spiretech, which focuses on open banking services, the loan center and the SOAR for peer loans (P2P), and LDUN, which specializes in factoring for micro, small and medium companies. This initiative reported SPA, highlights Sama’s continuous commitment to advance the Saudi fintech sector and promote financial inclusion and innovation.
Fintech startups approved in September 2024
In September 2024, Sama granted permission to three fintech startups to test their innovative solutions in the Sama regulatory tank. “XSquare” and “Neotk” have received authorization to launch an open banking platform, while “Moneymoon” should introduce a peer loan platform.
Sama regulatory sandbox growth
Since its creation in 2018, the SAMA regulatory sandbox has enabled 50 fintechs to test and refine their offers in a controlled environment. This trend further strengthens Sama’s continuous dedication to the culture of the Saudi sector and to promote financial inclusion and innovation. For a complete list of approved and authorized financial institutions, please visit the official SAMA website.
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Alignment with the financial technological strategy
In addition, recent approvals align perfectly with the mission of Sama to improve the Saudi Fintech sector and achieve the objectives of the financial technological strategy aimed at stimulating innovation in the financial sector. In addition, these initiatives testify to the bank’s commitment to raise financial inclusion and provide financial services to all segments of the company.