The Saudi Central Bank (SAMA) has granted permits to a four new financial technology companies to provide open banking solutions in its regulatory sandbox.
Wally Global Arabia, Sanam Aliliddikhar for Information Technology, Istishraf Al-Bayanat for Financial Technology and Spare Arabian Financial Company join 38 other permitted firms operating under SAMA’s Regulatory Sandbox to 42.
Of those, 15 have graduated by obtaining full authorisations and were licensed by SAMA.
SAMA has recently updated its Regulatory Sandbox Framework to an ‘Always Open Approach’. The updated framework adopts greater flexibility by enabling financial institutions, as well as local and international startups to apply anytime throughout the year, and bring more innovative business models to their clients.
The Bank has also been working with market participants including banks and fintechs to develop an integrated platform for open banking in accordance with international best regulatory and technical practices.
SAMA launched the Regulatory Sandbox initiative back in 2018 to garner the participation of local, regional and international fintech institutions and companies seeking to take advantage of current and new technologies to provide innovative financial products and services to Saudi market.
This transition will allow applicants to apply to the Regulatory Sandbox when they are ready and in addition bring their chosen business model/concept and not work to a specific one determined for the cohort.