The Saudi Central Bank has granted permission to the Saudi fintech startups XSquare, NeotTek, and MoneyMoon to test their products in its regulatory sandbox.
While the third company is allowed to build a peer-to-peer lending platform, the first two companies are authorized to launch an open banking platform.
The central bank, also known as SAMA, said in a statement that the clearance “highlights the efforts of SAMA to support sector development and underscores its commitment to promoting financial inclusion and innovation.”
With these additions, the overall number of fintech businesses using its regulatory sandbox has grown to 19. Additionally, since the sandbox’s establishment in 2018, it has allowed 50 fintech businesses to test and improve their products in a regulated setting, according to a statement from SAMA.
As part of Vision 2030’s Financial Sector Development Program, the Kingdom’s National Fintech Strategy aims to build 525 companies in the sector by 2030, creating 18,000 employment and contributing $3.5 billion to the economy.
The second update under the Open Banking Framework, which concentrates on the Payment Initiation Service, has also been provided by the financial authorities.
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