Saudi Central Bank granted a permit to a new fintech firm

The Saudi Central Bank unveils to give license to a finance firm named Manafa. The corporation specializes in debt-based crowdfunding in the Middle East. A closed joint-stock organization, Manafa started its operation with SAR 40 million capital.  

The permit was issued to the organization after a successful test period in Saudi Central Bank Regulatory Sandbox. This program is part of SAMA's critical role in developing the financial industry by fostering strategic initiatives and attracting a larger group of investors and firms that can provide worth.

Not to add, SAMA seeks to accomplish these objectives while exhibiting utmost competence in addition to complete compliance with SAMA's well-defined management and supervisory standards.

The central bank reaffirmed its dedication to supporting the finance industry by improving the efficiency and versatility of monetary operations. It allows and inspires financial service advancement, enhancing financial incorporation in the Kingdom and providing straightforward and safeguarded access to banking services to all sections of Saudi society.

This measure will help the Kingdom achieve its Financial technology Plan goal of being one of the best nations in Fintech.