SAMA issues two new fintech licenses

The Saudi Central Bank (SAMA) has issued licenses to two fintech firms that specialize in debt-based crowdfunding. The licenses were issued to Forus and Tameed following evaluation through SAMA’s regulatory sandbox, which is an experimental environment for the innovation of financial products and services in Saudi Arabia.

Forus offers a new way to manage one’s money through a simple and secure app. Tameed is the only purchase order financing platform in Saudi Arabia, providing financing based on government-backed purchase orders and connecting small and mid-market businesses seeking finance through peer-to-peer financing.

The licensing of these two fintech firms brings SAMA closer to its goal of positioning Saudi Arabia as one of the leading countries in the fintech industry. In January, SAMA announced the launch of a new lab to allow businesses to test their products against an established framework.

The service enables consumers of financial institutions to securely share their data with a third-party provider, facilitating innovative services and products.