SAMA authorizes a financial technology company to engage in debt crowdfunding

The Central Bank of Saudi Arabia announced the licensing of the “Raqimiya for Debt Crowdfunding” company, which is one of the new financial technology companies in the activity of crowdfunding with debt, after the success of its experiment through the regulatory sandbox of the Central Bank, for innovative financial services and products in the Kingdom.

SAMA said in a statement today, Wednesday, that this step comes from 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 manner that guarantees the efficiency of the work of these companies, by adhering to the regulatory and supervisory requirements issued by the Central Bank.

The Saudi Central Bank stressed its 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.

He added that this step will contribute to achieving the goals 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.