Saudi fintech firm Smart Interaction has obtained a license to provide finance aggregation services in the Kingdom.
With approval from the Saudi Central Bank, the company has became the third authorized firm in the country to offer such services.
“This decision reflects SAMA’s endeavor to support the finance sector, increase the efficiency of financial transactions and promote innovative financial solutions for financial inclusion in Saudi Arabia,” said the central bank, also known as SAMA, in a press statement.
It added: “SAMA emphasizes the importance of dealing exclusively with authorized financial institutions.”
In March, SAMA had issued a license to Creative Future for Digital Brokerage, allowing it to conduct finance aggregation services in Saudi Arabia.
Later in September, the Central Bank granted a license to Intelligent Solutions to offer finance aggregation services within the Kingdom.
Licensing of fintech companies is considered crucial to achieving the goals outlined in Saudi Arabia’s Financial Development Sector Strategy aligned with Vision 2030.
The strategy aims to increase the total number of operating fintech companies to 150 by the end of 2023 and to 525 by 2030.
“The Kingdom’s aspirations to become a global leader in the financial technology sector must be supported by a strategy that focuses on managing the financial transformation of the financial sector to achieve a long-term economic impact,” according to the strategy.
In February 2023, SAMA had granted a license to Riyadh-based fintech firm Raqqamyah to offer debt-based crowd-lending solutions to small and medium enterprises.