Riyadh: The Saudi Central Bank (SAMA) has granted a license to 'Tatbiq Darahem Company for Technology Almaliya' to provide account information services, a key component of open banking. This development brings the total number of licensed companies offering payment services in Saudi Arabia to 32.
According to Saudi Press Agency, the license was awarded after the company successfully completed the regulatory sandbox phase under the supervision of SAMA. This decision is part of SAMA's ongoing initiatives to bolster the financial sector's capacity, enhance the efficiency and flexibility of financial transactions, and foster innovation within financial services. The goal is to improve financial inclusion and broaden access to financial services for various segments of society.
SAMA also stresses the importance of interacting only with authorized financial institutions. They encourage individuals and businesses to verify the list of licensed and permitted financial institutions.