Arab News, Thursday, Jun 01, 2023 | Thul-Qidah 12, 1444
SAMA permits 2 fintech firms to offer flexible consumer spending options
Saudi Arabia:
Saudi shoppers can soon find more flexible payment options with two more buy
now, pay later companies entering the consumer finance market.
The Saudi Central Bank, also known as SAMA, has
granted permits to Spotii and Madfu to provide consumer finance through the BNPL
platform, the Saudi Press Agency reported.
This move is projected to attract a new segment of
investors and value-added firms that can help achieve more efficient operations
while maintaining adherence to the regulatory and supervisory guidelines defined
by the central bank.
Additionally, this initiative will help Saudi
Arabia come one step closer to achieving the objectives of the Financial Sector
Development Program in making the Kingdom among the leading nations in financial
technology.
SAMA has been working toward increasing the
adoption of the fintech sector to boost the effectiveness and flexibility of
financial transactions.
Moreover, it has also been promoting financial
inclusion for the various segments of society.
Earlier this week, the central bank opened
registration for the third Investment Immersion Program.
The program entails lectures and hands-on training
in several investment fields, intending to foster employment and cultivate local
investment expertise.
It has been designed in collaboration with the
Wharton School of the University of Pennsylvania and several prominent global
banks and asset managers.
SAMA also granted open banking certification to
Dubai-based Tarabut Gateway earlier this week as the company plans to intensify
its operations in the Kingdom.
Tarabut Gateway, the region’s leading regulated
open banking platform, has become one of the early recipients of SAMA’s permit
to operate in Saudi Arabia.
Talking to Arab News, Abdullah Almoayed, CEO and
founder of the fintech company, said that consumers in Saudi Arabia can now
expect a wide range of innovative and personalized financial services.
“We are aware of the unique challenges small and
medium enterprises face in Saudi Arabia, particularly regarding cash-flow
management and access to funding. We will address this issue head-on by
assisting SMEs to access the funding they need via open banking-enabled
financial services and products,” Almoayed said.