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Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox

The Saudi Arabian Monetary Authority allows nine more FinTech companies to operate in the Regulatory Sandbox.
The Saudi Arabian Monetary Authority allows nine more FinTech companies to operate in the Regulatory Sandbox.
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Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox

The Saudi Arabian Monetary Authority allows nine more FinTech companies to operate in the Regulatory Sandbox.
The Saudi Arabian Monetary Authority allows nine more FinTech companies to operate in the Regulatory Sandbox.

The Saudi Arabian Monetary Authority (SAMA) announced that it has permitted nine more FinTech companies to operate in the Regulatory Sandbox, raising the total to 30.

The new batch serves SAMA's effort to promote the digitization of financial services and drive towards digital transformation in the financial sector in line with the requirements and objectives of the Financial Sector Development Program, one of the Kingdom's Vision 2030 programs.

SAMA stated that it received up to 103 requests, and approved the innovative solutions which fulfilled the eligibility criteria in accordance with the published Regulatory Sandbox Framework. Applications related to payments, financing and insurance are eligible to apply to obtain the license directly and comply with the recently issued rules and regulations.

The new batch of services and products approved in SAMA's Regulatory Sandbox included Electronic Saving Societies Platforms for individuals and a new batch of Crowdfunding Platforms for SMEs and Entrepreneurs.

This stems from its responsibilities to raise financial awareness among all community segments, support the development of the national economy and diversification of its income sources, and incentivize savings, financing and investment.

This step helps achieve a number of strategic objectives, such as enhancing financial planning and raising the savings percentage in Saudi Arabia, which would be positively reflected on the quality of life of individuals and households, as well as the resilience of the economy in general.

Other objectives include supporting programs and projects to raise the spirit of initiative and innovation, in addition to developing and supporting the SMEs sector to build a competitive economic system that ensures the sector's sustainability, prosperity and higher contribution to the national GDP.

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UK Treasury Chief: Stimulating Economic Growth is New Labour Government's Mission

Britain's Chancellor Rachel Reeves delivers a speech at the Treasury to an audience of leading business figures and senior stakeholders, announcing the first steps the new government will be taking to deliver economic growth, in London, Monday July 8, 2024. (Jonathan Brady/Pool Photo via AP)
Britain's Chancellor Rachel Reeves delivers a speech at the Treasury to an audience of leading business figures and senior stakeholders, announcing the first steps the new government will be taking to deliver economic growth, in London, Monday July 8, 2024. (Jonathan Brady/Pool Photo via AP)
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UK Treasury Chief: Stimulating Economic Growth is New Labour Government's Mission

Britain's Chancellor Rachel Reeves delivers a speech at the Treasury to an audience of leading business figures and senior stakeholders, announcing the first steps the new government will be taking to deliver economic growth, in London, Monday July 8, 2024. (Jonathan Brady/Pool Photo via AP)
Britain's Chancellor Rachel Reeves delivers a speech at the Treasury to an audience of leading business figures and senior stakeholders, announcing the first steps the new government will be taking to deliver economic growth, in London, Monday July 8, 2024. (Jonathan Brady/Pool Photo via AP)

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She said she's taking immediate action to relax planning rules to remove obstacles to building infrastructure, housing and energy projects.
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Reeves said she will assess the “spending inheritance” left by the Conservatives over the coming months before making the government’s first budget statement later this year.
She pledged to set a mandatory target of 1.5 million new homes in England over the next five years, as well as remove an effective ban on onshore wind energy developments that has been in place since 2015.
British Prime Minister Keir Starmer, who became leader on Friday after a landslide majority in last week's election, has promised to “rebuild the infrastructure of opportunity” for voters frustrated with a stagnant economy, rising poverty and dysfunctional public healthcare.
Soaring rental and mortgage rates and a chronic shortage of housing were among the top issues voters raised during the election campaign. Home-building in Britain has slowed down in the past decades, and in the year to March construction began on about 135,000 homes — down by more than one-fifth compared to the year before.