The Saudi Central Bank (SAMA) announced on Tuesday granting of permits to a new batch of companies: “Lean Technologies” and “Mod5r” will provide Open Banking Solutions, bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38.
This step completes a series of actions undertaken to conquer a stack of strategic objectives including activating SAMA’s sandbox environment role to the realization of the Kingdom’s Vision 2030 goals through the Financial Sector Development Program (FSDP).
The prominent FSDP is an ambitious program that aims at promoting economic growth, savings and investment activities, and financial inclusion.
The permit came concurrently with the Council of Ministers’ decision in the second quarter of 2022, which provides for the adoption of the Fintech Strategy containing the supreme directive order for the Kingdom of Saudi Arabia to be among the leading countries in the field of Fintech.
SAMA is currently working — alongside other participants in the financial sector including banks and Fintech companies — on developing and implementing an integrated high standard network to carry on Open Banking Solutions in the Kingdom with the most innovative and best practices within a predefined timetable.
This phase should contribute to inspire other participants within the sector to start planning and developing innovative new financial products and services based on Open Banking practices.