RIYADH: Alannaya Al-Yatmania has been authorised by the Saudi Central Bank to provide finance aggregation services. In order to give customers more insight and control over their finances, this entails compiling and integrating financial data from multiple sources, including bank accounts, credit cards, loans, investments, and other financial platforms, into a single interface. This action brings the total number of Saudi Arabian approved companies providing financial aggregation services to five.
The Kingdom’s Vision 2030 goals, which include expanding financial inclusion, bolstering the digital economy, and raising the percentage of cashless transactions to 70% by 2025, are in line with these developments. Additionally, they back SAMA’s continuous initiatives to develop the financial industry, boost transaction effectiveness, and encourage creative solutions that advance financial inclusion in Saudi Arabia.
The Financial Development Sector strategy, which aims to have 525 operational fintech businesses in the Kingdom by 2030, is consistent with SAMA’s goals. When SAMA licensed two new service providers earlier in January, the fintech sector in Saudi Arabia grew even more. After receiving approval to offer debt-based crowdfunding solutions, Tal Finance became the 12th Saudi Arabian company to do so. This highlights the rising importance of alternative financing options in the nation as there are now 62 financial companies licensed by SAMA.
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