SAMA Grants License to 'Funding Souq' for Debt-Based Crowdfunding Solutions, Bolstering Financial Inclusion Efforts

KSA, 04 April, 2024 : The Saudi Central Bank (SAMA) has licensed "Funding Souq" to offer debt-based crowdfunding solutions, adding to the 10 authorized companies in Saudi Arabia providing such services. This approval brings the total number of finance companies licensed by SAMA to 61.

This move underscores SAMA's commitment to supporting the financial sector, enhancing transaction efficiency, and fostering innovative financial solutions for greater financial inclusion in Saudi Arabia. SAMA stresses the importance of exclusively dealing with authorized financial institutions. For a list of licensed and permitted financial institutions, visit SAMA's official website.

Source : www.sama.gov.sa