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.
In March, the central bank, also known as SAMA, issued a license to Creative Future for Digital Brokerage, allowing it to conduct finance aggregation services in Saudi Arabia.
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.
The move by SAMA highlights its commitment to boosting the Kingdom’s finance sector, enhancing transaction efficiency, and promoting innovative solutions for financial inclusion.
The central bank also stressed the importance of engaging with only authorized financial institutions.
This is part of the institution’s strategy to attract new investors and businesses that can add value to the industry while strictly adhering to the rules and regulations established by the bank.
“SAMA 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,” stated a message on the bank’s website.
The bank underscored that issuing licenses to finance aggregation service providers is a significant step in realizing the goals of the fintech strategy and advancing the Kingdom’s position among the leading nations in the sector.
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.
In February, Riyadh-based fintech firm Raqamyah received a license from SAMA to offer debt-based crowdlending solutions to small and medium enterprises.
Through the expansion of the fintech industry, the bank aims to improve financial stability in the Kingdom and stimulate economic growth.
The strategy emphasized the need to manage the financial sector’s transformation, in line with the Kingdom’s goal of becoming a global leader in the fintech sector and achieving lasting economic impact.
It also noted that fintech would account for 20 percent of overall foreign investment in the Kingdom.
