• License Approval: The Saudi Central Bank (SAMA) has granted a license to “Smart Interaction for Digital Brokerage,” allowing the fintech to offer finance aggregation services. This move is in line with SAMA’s commitment to enhancing the financial sector’s capabilities and fostering innovation for increased financial inclusion in Saudi Arabia.
• Strategic Expansion of Authorized Entities: With “Smart Interaction” joining the landscape, there are now three authorized companies in Saudi Arabia providing finance aggregation services.
• Emphasis on Regulatory Compliance: SAMA underscores the importance of engaging exclusively with authorized financial institutions, emphasizing a commitment to a regulated and authorized framework.
The Saudi Central Bank (SAMA) has approved the issuance of a license to “Smart Interaction for Digital Brokerage,” allowing the fintech firm to offer finance aggregation services.
This development comes as part of SAMA’s commitment to enhancing the financial sector’s capabilities, improving the efficiency of financial transactions, and fostering innovative financial solutions to promote financial inclusion in Saudi Arabia.
With the newly licensed entity, “Smart Interaction,” joining the landscape, there are now three authorized companies in Saudi Arabia providing finance aggregation services.
This strategic decision by SAMA underscores its dedication to advancing the financial industry and ensuring that the evolving needs of consumers are met with cutting-edge and secure financial solutions.
SAMA, in emphasizing the significance of this move, highlights the importance of engaging exclusively with authorized financial institutions. This commitment to a regulated and authorized framework aligns with SAMA’s overarching goal of maintaining the integrity and security of financial transactions in the Kingdom.
The licensing of “Smart Interaction for Digital Brokerage” stands as a testament to SAMA’s proactive approach in fostering a dynamic and innovative financial ecosystem in Saudi Arabia.
Established on 7/05/1442 as a Financial Technology (FinTech), Smart Interaction for Digital Brokerage (SIDB) operates as an LLC business entity under the laws of the Kingdom of Saudi Arabia. Headquartered in Riyadh, Saudi Arabia, SIDB is unveiling the “Qardi Business Lending” platform, aimed at addressing the SME Finance Gap in the marketplace.
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