Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide E-wallet solutions. With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA's regulatory sandbox. SAMA...
Saudi insurance sector adopts International Financial Reporting Standard
The features of the new Standard include standardization of the accounting measurement models for insurance and reinsurance companies around the world.Saudi Central Bank updates its Regulatory Sandbox Framework
The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of the key objectives of the Saudi Vision 2030.
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent of all payments by volume in 2021.
Saudi Central Bank, CMA support 12 fintech startups
The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business models.
