RIYADH: 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.
