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The Central Bank of Saudi Arabia (Sama) has announced that it has granted Manafa, a financial company specializing in debt crowdfunding, a license to operate in the kingdom.
Manafa is a closed joint stock company with a capital of 40 million riyals. The company was granted a license after a successful trial run in Sama’s regulatory sandbox; an experimental environment dedicated to innovative financial products and services in Saudi Arabia.
The move is part of Sama’s important role in strengthening the financial sector by encouraging innovative activity and attracting a wider range of investors and companies, SPA reported.
Sama stated that it strives to achieve these objectives while demonstrating ultimate capability and full compliance with the control and oversight requirements specified by Sama.
The Central Bank reaffirms its commitment to support the financial sector, increase the efficiency and flexibility of financial transactions, support and encourage innovation in financial services, promote financial inclusion in Saudi Arabia, and enable easy and safe access to financial services for all segments of the Saudi society, it Say.
It added that this step will help realize the Kingdom’s fintech strategy to become a leading country in fintech.
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