The Saudi Central Bank (SAMA) has granted a license to ‘Tal Finance’ in order to offer debt-based crowdfunding solutions.
This brings the total number of companies authorized to provide debt-based crowdfunding services in Saudi Arabia to 12. Additionally, the total number of finance companies licensed by SAMA now stands at 62.
This decision highlights SAMA’s commitment to strengthening the financial sector, enhancing the efficiency of financial transactions, and fostering innovative financial solutions to promote financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions.
In addition, the Saudi Central Bank has granted a license to “HIBERBAY INK AL-SAOUDIA For IT Systems” to provide e-wallet solutions. This brings the total number of licensed companies offering payment services in the Kingdom to 27.
This decision is part of SAMA’s ongoing efforts to strengthen and empower the payments sector. It aims to improve the efficiency and flexibility of financial transactions, foster innovation in financial services, and promote financial inclusion by ensuring access to financial services for all segments of society.
SAMA emphasized the importance of engaging solely with licensed or authorized financial institutions, highlighting that verification can be done through its official website.
Earlier this month, SAMA granted approval for D360 Bank, a licensed digital bank, to officially begin its banking operations in the Kingdom of Saudi Arabia. With this license, the bank aims to provide a wide range of services, including digital payments, savings, and financing options, catering to the evolving needs of consumers and businesses in Saudi Arabia’s rapidly growing digital economy.
