RIYADH: In a move to bolster the financial sector, the Saudi Central Bank has granted a license to Intelligent Solutions to offer finance aggregation services within the Kingdom, making it the second authorized firm to receive such approval. 聽聽
In March,聽the central bank, also known as SAMA,聽issued a license to Creative Future for Digital Brokerage, allowing it to conduct finance aggregation services in 黑料社区.聽聽
With the new license, Intelligent Solutions will provide its services through its platform, connecting financing companies with clients based on credit obligations and solvency to offer customized funding options.聽聽
The move by SAMA highlights its commitment to boosting the Kingdom鈥檚 finance sector, enhancing transaction efficiency, and promoting innovative solutions for financial inclusion.聽
The central bank also stressed the importance of engaging with only authorized financial institutions.聽聽聽聽
This is part of the institution鈥檚 strategy to attract new investors and businesses that can add value to the industry while strictly adhering to the rules and regulations聽established聽by the bank.聽
鈥淪AMA reiterates its commitment to support the financial sector and fintech for enhancing operational efficiency to promote financial inclusion for the various segments of the society in the Kingdom,鈥澛爏tated聽a message on the bank鈥檚 website.聽聽
The bank聽underscored that issuing licenses to finance aggregation service聽providers is a significant step in realizing the goals of the聽fintech聽strategy and advancing the Kingdom鈥檚 position among the leading nations in the sector.聽
Fulfilling the goals of the Financial Development Sector strategy in line with Vision 2030 is a key factor for the bank, including the licensing of fintech firms. According to the strategy, there should be 150 active fintech businesses by the end of 2023 and 525 by 2030.聽
In February, Riyadh-based fintech firm聽Raqamyah聽received a license from SAMA to offer debt-based crowdlending solutions to small and medium enterprises.聽
Through the expansion of the fintech industry, the bank aims to improve financial stability in the Kingdom and stimulate economic growth.聽聽
The strategy emphasized the need to manage the financial sector鈥檚 transformation, in line with the Kingdom鈥檚 goal of becoming a global leader in the fintech聽sector and achieving lasting economic impact.聽
It also noted that fintech would account for 20 percent of overall foreign investment in the Kingdom.聽聽
