The Saudi Arabian Monetary uthority (SAMA) announces starting licensing for activities supporting the financing activity. SAMA announced the issuance of the first license for a company to practice this activity in the Kingdom, which is the National Company for Financial Services as a closed joint stock company with a capital of (80) One million riyals.           

                This step comes based on SAMA's role in supporting the empowerment of the finance sector by allowing the entry of new supportive activities to strengthen the sector, support companies and facilitate their work. All this comes in line with the SAMA's role in enhancing financial stability and supporting opportunities for economic growth and development in the Kingdom towards achieving the goals of the Kingdom's Vision 2030.

                It is worth noting, SAMA recently issued licensing rules for activities supporting the financing activity, which aim to regulate licensing provisions for this type of companies, and to regulate its conduct of activities, in accordance with the powers granted to SAMA under the provisions of the finance companies control system and its implementing regulations. These rules aim to achieve several goals: Including attracting a new segment of investors and companies from owners of small and medium capital to work under their supervision in a manner that ensures the efficiency of the work of these companies, by adhering to the issued requirements related to information security, corporate governance, internal organization, attribution, risk management, compliance and internal auditing. SAMA also aims, through these rules, to support the finance sector by permitting entry into the activities of electronic mediation and collection of the debts of financing agencies, within a supervisory framework that ensures the stability of the sector and the protection of consumer rights.