Saudi Central Bank Permits “Sulfah” and “Wadaie” as New FinTech Startups
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The Saudi Central Bank (SAMA) has permitted two new FinTech startups to test their innovative solutions in SAMA's regulatory sandbox. “Sulfah for Finance" is authorized to launch a peer-to-peer (P2P) lending platform and “Wadaie for FinTech" to launch a Time Deposit Aggregation platform.
This step contributes to the development of the Saudi FinTech sector and underscores SAMA's commitment to promoting financial inclusion and innovation.
The Saudi Central Bank (SAMA) emphasizes the importance of dealing with licensed/or permitted financial institutions, and this can be verified by visiting the website.
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