The Saudi Central Bank (SAMA) has officially granted licenses to three fintech companies in the financing sector, reinforcing its commitment to driving innovation and building a competitive digital financial ecosystem in the Kingdom. This move comes as part of SAMA’s broader strategy to support financial inclusion, enhance market efficiency, and promote sustainable growth within the financial services sector.
- Muqaranah has been licensed to provide digital intermediation services for financing entities, offering a platform that connects customers with financing solutions in a more efficient and transparent manner.
- Hotspot has also been licensed to deliver digital intermediation services for financing entities, enabling advanced technological tools that streamline the financing process and create added value for both providers and consumers.
- Muhlah has been licensed to operate micro consumer financing services through financial technology, providing innovative short-term financing options that are easily accessible and tailored to the needs of individuals.
By issuing these licenses, SAMA continues to demonstrate its role as a key enabler of the fintech ecosystem. The initiative reflects the Central Bank’s efforts to diversify financial services, encourage private sector participation, and foster an environment conducive to digital transformation.
This development also aligns closely with the objectives of Saudi Vision 2030, which emphasizes building a robust and future-ready financial sector that empowers both consumers and businesses. Through such regulatory advancements, SAMA is paving the way for sustainable economic growth, greater innovation, and increased trust in the digital finance landscape.
