Saudi Central Bank Licenses New Debt-Based Crowdfunding FinTech Company

Riyadh, The Saudi Central Bank (SAMA) announced the licensing of Raqamyah, a new finance-technology (FinTech) company specialized in debt-based crowdfunding. The license was granted to the company after successful testing of its solutions in SAMA's Regulatory Sandbox, an experimental environment dedicated to innovative financial products and services in Saudi Arabia.

This initiative comes as part of the vital role SAMA plays in strengthening the finance sector, encouraging and enticing innovators and investors who can bring added value to the sector while maintaining full adherence to the supervisory guidelines defined by SAMA. The licensing of FinTech companies contributes towards achieving the strategy's objectives to position the Kingdom among the leading countries in FinTech.

SAMA reiterates its commitment to support the finance sector, increase the efficacy and flexibility of financial transactions, and enable innovation in financial services to promote financial inclusion in the Kingdom and provide easy and secure access to financial services to all segments of society.

SAMA stresses the importance of exclusively dealing with licensed and authorized financial institutions. To verify the licensed financial institutions, please visit SAMA’s official website.

Source: Saudi Press Agency