SAMA Licenses Finance Aggregation Service Provider

The Saudi Central Bank (SAMA) granted “Creative Future for Digital Brokerage” a license to carry out finance aggregation services pursuant to the Rules of Licensing Finance Support Activities for providing services through an electronic platform to connect finance companies with clients based on their credit obligations and solvency, and offer them customized finance solutions.

This initiative is aimed at enticing a new segment of investors and companies that can bring added value to the sector for more efficient operation, while maintaining full adherence to the regulatory and supervisory guidelines defined by SAMA.

SAMA reiterates its commitment to supporting the financial sector and FinTech for enhanced operational efficiency, to promote financial inclusion for the various segments of the society in the Kingdom.

Granting licenses to Finance Aggregation Service Providers is a step towards achieving the objectives of the FinTech Strategy in its pursuit to be among the leading countries in FinTech.

--SPA

Source: Saudi Press Agency

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