The Saudi Central Bank, popularly called SAMA, granted licenses to two fintech businesses specializing in debt-based crowdfunding as per the statement released by the institution.
The businesses that received licenses for operating their services in the Middle East were Forus and Tameed. The license was given based on the SAMA assessment via the central bank's regulatory sandbox. This refers to the exploratory space committed to the creation of financial goods and services in Saudi Arabia.
Through easy and secure software, Forus provides a new method to handle one's cash without traditional constraints.
Alternatively, Tameed refers to the purchase order banking marketplace in Saudi Arabia. It is famous for offering banking services on the basis of government-backed purchase orders joining small and medium market corporations looking for finance via financing.
The licensing of the two fintech businesses moves SAMA nearer to its aim of presenting the Nation as a leader in the fintech space. Earlier this month, the central bank proposed the creation of a new lab to enable entrepreneurs to evaluate their items against a pre-established structure.
The service is a novel idea that allows financial institution customers to safely exchange information with a third-party supplier, enabling creative services and solutions.