Riyadh, Saudi Arabia–-The Central Bank of Saudi Arabia has authorized four new financial technology companies to work under the umbrella of the legislative pilot environment in open banking.
The new companies– Wali Global Arabia for Information Technology, Sanam Saving Company for Information Technology, and Saber Arabia Company. Finance, and the Financial Technology Data Foresight Company—bring the total number of financial technology companies that have been authorized by the Central Bank to 42, including 15 companies that obtained the license after the success of the experiment in the regulatory sandbox.
This step will achieve the objectives of enhancing and diversifying the innovations presented in the financial sector, promoting savings, payments and investment activities in the sector, as well as contributing to enhancing the level of financial inclusion in the Kingdom and financial awareness among all segments of society, in line with the objectives of the Sector Development Program Financial is one of the programs of the Kingdom’s Vision 2030, SPA reported.
This step will also contribute to achieving the objectives of the financial technology strategy by making the Kingdom among the leading countries in the field of financial technology, and supporting the development of the national economy, the report said.
Saudi Central Bank recently issued the updated regulatory framework for the legislative pilot environment, which will enable local and global financial institutions and start-ups to apply to the legislative pilot environment throughout the year, to provide innovative business models for clients in the financial sector.