The Saudi Central Bank (SAMA) has licensed Wally Global Arabia, Sanam Aliliddikhar for Information Technology, Istishraf Al-Bayanat for Financial Technology and Spare Arabian Financial Company to provide open banking solutions under its regulatory sandbox, bringing the number of permitted fintech firms to 42, a statement confirmed.
SAMA has been working with market participants including banks and fintechs to develop an integrated platform for open banking.