Saudi Central Bank Greenlights "Sulfah" and "Wadaie" for FinTech Sandbox Testing

KSA, 25 June, 2024 :  The Saudi Central Bank (SAMA) has granted regulatory sandbox approval to two new FinTech startups. "Sulfah for Finance" will introduce a peer-to-peer (P2P) lending platform, while "Wadaie for FinTech" will launch a Time Deposit Aggregation platform.

This move is aimed at fostering growth in Saudi Arabia's FinTech sector and highlights SAMA's commitment to advancing financial inclusion and innovation.

SAMA underscores the importance of dealing exclusively with licensed or permitted financial institutions, with verification available on their official website.

Source : www.sama.gov.sa