SAMA licenses 2 fintech companies to join regulatory sandbox

Logo of SAMA. There are 25 fintechs  currently operating under SAMA's regulatory sandbox

The Saudi Central Bank (SAMA) licensed Manafa for Debt-Based Crowdfunding Co. and Tawrid for Financial Solutions Co. to test their supply chain finance solutions within its regulatory sandbox.

With these new additions, the total number of fintech companies currently operating under SAMA's regulatory sandbox increased to 25, the central bank said in a statement.

This move underscores SAMA's continued efforts in developing the Saudi fintech sector and its commitment to promoting financial inclusion and innovation, it added.

The central bank also emphasized the importance of dealing exclusively with authorized financial institutions.