The Saudi Central Bank (SAMA) has approved two FinTech companies, “Lean Technologies” and “Mod5r” to provide Open Banking Solutions in the country.
With this approval, the firms join the list of 38 Fintech companies that have received approval from authorities.
According to SAMA, the approval drives the country closer to its target of being among the leading countries in the field of Fintech.
As stated in the Saudi Gazette, “This phase should contribute to inspiring other participants within the sector to start planning and developing innovative new financial products and services based on Open Banking practices.
This step 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).”
As part of efforts to strengthen its FinTech sector while also reducing over-dependence on oil, the Saudi Ministry of Finance launched its FinTech Strategy Implementation Plan in June.