RIYADH: With the licensing of two new service providers by the Saudi Central Bank, or SAMA, the fintech ecosystem in Saudi Arabia is growing even more. The 12th company in the Kingdom to offer debt-based crowdfunding solutions is Tal Finance, which has received authorization to do so. With this addition, there are now 62 finance companies licensed by SAMA, underscoring the growing significance of alternative financing options in Saudi Arabia.
Hiberbay Ink Al-Saoudia for IT Systems has been licensed by SAMA to offer e-wallet services, bringing the total number of payment service providers in Saudi Arabia to 27. This action aims to accelerate the Kingdom’s transition to a cashless economy and promote digital payment alternatives.
These advancements are consistent with Saudi Arabia’s Vision 2030 goals, which include expanding financial inclusion, strengthening the digital economy, and raising the percentage of cashless transactions to 70% by 2025. The Financial Development Sector strategy, which seeks to have 525 fintech companies functioning in the Kingdom by 2030, is also linked to SAMA’s initiatives.
In a statement, SAMA emphasized its emphasis on efficiency and innovation, saying, “Managing the transformation of the financial sector is a cornerstone of Vision 2030.” The central bank hopes to establish financial stability, boost economic expansion, and establish Saudi Arabia as a global leader in fintech through these programs.
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