Riyadh, Saudi Arabia — The Saudi Central Bank (SAMA) has announced the release of updated regulations for debt-based crowdfunding, marking a significant step forward in the Kingdom’s efforts to enhance its financial ecosystem and foster the growth of the FinTech industry. This latest move reflects SAMA’s commitment to regulating debt-based crowdfunding platforms while continuing to […]
Riyadh, Saudi Arabia – Emkan Finance, a leading Saudi fintech company renowned for its innovative financing solutions, has officially received a license from the Saudi Central Bank (SAMA) to offer deferred payment services, popularly known as “Buy Now, Pay Later” (BNPL). The announcement comes in conjunction with Emkan’s participation as a strategic partner in the […]
Riyadh, Saudi Arabia – Saudi Arabia’s fintech sector has emerged as a major force within the country’s financial services industry, generating over SR3.75 billion ($1 billion) in revenues and serving millions of customers daily. The sector’s rapid growth is transforming the Kingdom into a leading regional fintech hub, with significant global ambitions. Khaled Al-Dhaher, Vice […]
In a major leap forward, MONEYMOON has officially received authorization from the Saudi Central Bank (SAMA) and made a powerful entrance into the fintech scene with its official launch at 24Fintech. MONEYMOON made an impactful debut at 24Fintech and social media, where it captivated audiences with its one-of-a-kind Peer-to-Peer (P2P) lending model. MONEYMOON is setting […]
Riyadh, Saudi Arabia – 02 September 2024 – Tamara, the leading fintech platform in Saudi Arabia and the GCC, has received preliminary approval from the Saudi Central Bank (SAMA) to operate in consumer finance and Buy Now Pay Later (BNPL) activities. This milestone is a testament to Tamara’s commitment to enhancing the fintech landscape and […]
Riyadh, September 2, 2024 — The Saudi Central Bank (SAMA) has officially announced the release of the second phase of its Open Banking Framework, focusing on the Payment Initiation Service (PIS). This latest development marks a significant step forward in SAMA’s ongoing efforts to strengthen the Kingdom’s fintech ecosystem. The introduction of PIS under the […]
RIYADH: Saudi banks recorded a significant 21 percent year-on-year increase in credit card loans during the second quarter of 2024, with the total reaching SR30.04 billion ($8.01 billion), according to data released by the Saudi Central Bank (SAMA). This figure represents the highest quarterly increase on record and the most substantial annual growth observed in […]