Sunday, July 14, 2024
ReportSAMA authorizes new companies to boost fintech services

SAMA authorizes new companies to boost fintech services

Saudi Central Bank (SAMA) has licensed two insurance aggregation companies and a new finance aggregation firm.

The insurance aggregators are Al-Tizam for Electronic Insurance Brokerage and Altheqa Insurance Brokers, bringing the number of authorized insurance aggregation companies in Saudi Arabia to five.

Intelligent Solutions received the license to provide finance aggregation services, one of only two in the Kingdom to do so. The other being Creative Future for Digital Brokerage.

SAMA issued rules on insurance aggregation activities in February 2020 while instructions on finance aggregation were introduced this May.

These new rules are in line with the Kingdom’s Vision 2030 to support entrepreneurship and enhance fintech services.

In other related news, SAMA on the 30th August confirmed that it granted a license to Alhulul AlMubassatah Financial Company, or SiFi, to provide e-wallet solutions. There are now 25 licensed payment service companies and seven payment firms which have obtained initial approval to operate within SAMA’s regulatory sandbox.

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