The Saudi Arabian Monetary Authority (SAMA) announced that it has permitted two new FinTech companies (Tabby and Tamara) to operate in the Regulatory Sandbox environment. These companies will be joining the list of companies that have been permitted in the previous cohorts, bringing the total number of companies permitted by SAMA to 32.
SAMA stated that both companies had applied in the second cohort of 2019, and they have granted the approval after assessing their applications and ensured that they have fulfilled the eligibility criteria in accordance with the published Regulatory Sandbox Framework.
The new service "Buy now Pay later" approved in SAMA's Regulatory Sandbox comes as part of SAMA's endeavor to support e-commerce, increase the level of financial inclusion, in addition to promoting and diversify the financial services offered within the financial sector, and drive towards digital transformation in the financial sector in line with the requirements and objectives of the Financial Sector Development Program, one of the Kingdom's 2030 vision programs. For more information, please visit this (link).