The Saudi Central Bank licenses two financial companies to engage in debt crowdfunding

The Central Bank of Saudi Arabia announced the licensing of two new financial technology companies in the activity of crowdfunding with debt, namely: Foras Company for crowdfunding with debt, and a company with baptism for crowdfunding with debt, after the success of their experience through the legislative experimental environment of the bank (Regulatory Sandbox) for innovative financial services and products in the Kingdom. The kingdom.

This step comes, based on the role of the Central Bank of Saudi Arabia in supporting the empowerment of the financing sector by allowing the entry of new financing activities. To enhance and support the sector, and attract a new segment of investors and value-added companies, in a way that guarantees the efficiency of the work of these companies, by adhering to the regulatory and supervisory requirements issued by the Central Bank.

The Central Bank of Saudi Arabia affirmed the continuous endeavor to support the financial and financial technology companies sector, and raise the level of effectiveness and flexibility of financial transactions, in addition to enabling and encouraging innovation in the financial services provided. With the aim of enhancing the level of financial inclusion in the Kingdom, and enabling access to financial services to all segments of society, according to the Saudi Press Agency, “SPA”.

This step will also contribute to achieving the objectives of the financial technology strategy by making the Kingdom among the leading countries in the field of financial technology, and innovation in financial services based on technology is the basis that enhances the economic empowerment of the individual and society.

At the same time, the Saudi Central Bank stressed the importance of dealing with financial institutions licensed or authorized by the Central Bank, and this can be verified by visiting the website.