Saudi Central Bank issues licenses to 3 new fintech companies

Saudi Central Bank issues licenses to 3 new fintech companies

The Saudi Central Bank (SAMA) has issued licenses to three new companies specializing in finance and electronic payments, during the Global Entrepreneurship Congress sponsored by His Royal Highness Mohammad bin Salman, the Crown Prince, Deputy Prime Minister and Minister of Defense.

The conference held from 27 to 30 March 2022 in Riyadh, under the slogan “Reboot, Rethink and Regenerate” is organized by the Small and Medium-sized Enterprises (SMEs) General Authority (Monsha’at) in cooperation with the Global Entrepreneurship Network (GEN).

Mobily Pay

SAMA stated that the license was granted to a new financial technology company specializing in electronic payments named Etihad Fintech Company “Mobily Pay”. The newly licensed company can now provide e-wallet payment services in the Kingdom, bringing the total number of payment companies licensed by SAMA to 17, in addition to eight companies granted an “In-principle Approval”.

Lendo

SAMA also kick-started the licensing of Debt-based Crowdfunding by granting “Lendo”, a closed joint-stock company with a capital of $1.33 million. The license to conduct these kinds of financial activities within the Kingdom comes after a successful trial run through SAMA’s Regulatory Sandbox dedicated to innovative financial products and services within Saudi Arabia.

FinZey

The Saudi Central Bank also followed up on the licensing of Consumer Microfinance Activities