The Saudi Arabian Monetary Authority (SAMA) announced releasing 14 new companies as a new batch to work in the Sandbox regulatory environment for the innovative financial products market in the Kingdom; joining the list of 7 previously approved companies to be total of 21 companies specialized in financial technology.

SAMA has recently designed a sandbox regulatory environment to understand and assess the impact of new technologies in the financial services and products market in the Kingdom, and to help transform it into an intelligent financial center, allowing local and international companies wishing to test new digital solutions to enter the environment to be launched in the Kingdom soon. This step aims at achieving a number of strategic objectives of linking the sandbox environment with the Kingdom’s Vision 2030, which aims at promoting economic growth and boosting investment activities by moving into a cashless society and by promoting the principal of financial inclusion.  The sandbox aims to attract financial institutions and local and international financial technology companies specialized in financial technology, which are looking to utilize existing and new technologies to provide innovative financial services to Saudi markets including local and international start-ups, financial technology companies, financial services companies and professional services companies that collaborate with these companies. This initiative is expected to enhance the principal of innovation in financial services and digital payments services, it will help financial institution, and financial technology companies test their products with relaxed controls, which will have a positive impact on the financial sector and facilitates financial transactions and reduces costs. Services and products that are being tested currently includes E-wallet services, P2P transfers, purchases through QR Codes, direct international transfers through financial technology companies, point of sale (POS) devices, SADAD bills, SADAD account, and mada for online purchases, in addition to financing services, crowdfunding platforms, e-payment services, payment services for schools and exchange services. For more information please visit the link: