Malaa Technologies, a financial technology company, will launch its banking operations in Saudi Arabia after it obtained an approval from the kingdom’s central bank.
Malaa has concluded its integration efforts with the Arab National Bank’s systems to become the first lender whose customers can link their bank accounts directly through open banking.
“The financial sector in the kingdom is witnessing a remarkable development in adopting the best legislative and technical practices that are in the direct interest of the end consumers,” CEO of Malaa, Ali Alorainy said.
The company was authorized to operate for 12 months after it launched its services within the experimental environment as the first fintech to deploy its solution in the market, according to a statement.
Founded in November 2020, the company focuses on low financial literacy of individuals and the low household savings rate.
It seeks to contribute to the National Savings Strategy and plans to work with the financial sector development program partners to achieve these goals.