The Saudi Arabian Monetary Authority (SAMA) has released 14 new fintech companies as a new patch to work in the Sandbox regulatory environment for the innovative financial products market in the Kingdom.
The newly released firms will join the list of seven previously approved companies, raising the total number to 21 companies, according to SAMA’s recent statement.
Recently, the authority has designed a sandbox regulatory environment to understand and assess the impact of new technologies in the financial services and products market in the Kingdom.
The sandbox will also help the kingdom to transfer into an intelligent financial centre, allowing local and international companies wishing to test new digital solutions to enter the environment to be launched in the Kingdom soon.
The move 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, according to SAMA.
It is worth noting that Sandbox was established 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.
“This initiative is expected to enhance the principal of innovation in financial services and digital payments services, it will help the 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,” the statement said.