FinTech: Saudi Central Bank (SAMA) Boosts FinTech, Issues BNPL Licenses
Riyadh start-up Madfu and Zip-owned Spotii won the SAMA licenses.
The Central Bank of Saudi Arabia, known as SAMA, has granted Riyadh start-up Madfu and Spotii, which is owned by Zip, licenses to offer Buy Now Pay Later (BNPL) services. These licenses are in accordance with the laws governing finance companies and the Saudi Central Bank, enabling them to provide financing options to customers who want to make purchases without incurring interest costs over a fixed period.
SAMA’s objective in granting these licenses is to attract new investors and companies that can contribute value to the sector, thereby improving its efficiency. However, it is essential for both companies to comply fully with the regulatory and supervisory guidelines set by SAMA. (Electronic Payments International)
SAMA emphasizes its ongoing commitment to supporting the finance sector and fintech in order to enhance operational efficiency and promote financial inclusion for different segments of society in Saudi Arabia.
“Granting permits to BNPL companies is a step towards achieving the objectives of the fintech strategy in its pursuit to make Saudi Arabia among the leading countries in fintech,” SAMA said.
Zip, an Australian company, acquired Spotii, which is headquartered in the UAE, in 2021. Madfu, on the other hand, is based in Riyadh and secured $1.3 million in funding through a pre-seed funding round in November 2022.
Related Story: Middle-East Focused BNPL Fintech Tabby Lands $58M Funding
Latest Alternative Investment News
Earlier today, Tim Sweeney, the head of Epic Games, shared an email with the company’s employees, announcing some significant changes within the organization. In this message, Sweeney discussed the necessity…
Artificial Intelligence: Mysterious US-Based Books3 Dataset Used To Train AI Was A Massive Trove Of Pirated Books
Thousands of books penned by some of Australia’s most esteemed authors may have fallen victim to what Booker prize-winning novelist Richard Flanagan has described as “the biggest act of copyright…
Chongqing Consumer Finance, the consumer finance arm of Ant Group, a prominent player in China’s financial technology landscape, is currently in the process of raising a substantial sum of fresh…
Mercury Fund, the premier early-stage venture firm with a focus on non-coastal tech hubs, has successfully closed its largest fund to date, Mercury Fund V, with a total capital commitment…