Saudi central bank grants license to two new fintech firms

The Saudi Central Bank (SAMA) Tuesday issued operation permits to “Lean Technologies” and “Mod5r”, two companies which will provide Open Banking Solutions.

The permits are in line with the Council of Ministers’ decision in the second quarter of 2022, which provides for the adoption of the Fintech Strategy containing the supreme directive order for the Kingdom of Saudi Arabia to be among the leading countries in the field of Fintech.

Regulatory Sandbox, the central bank’s regulator, with the two new permits, now has 38 fintech firms under its control.

The issuance of the permits completes a series of actions undertaken to conquer a stack of strategic objectives including activating SAMA’s sandbox environment role to the realization of the Kingdom’s Vision 2030 goals through the Financial Sector Development Program (FSDP).

The FSDP is an ambitious program that aims at promoting economic growth, savings and investment activities, and financial inclusion.