Fintech SaudiReviewDecember 2020
“At the Saudi Central Bank, we work to create
rules and regulations that increase confidence in
the financial sector, ensuring that all elements of
the financial industry are well-regulated. At the
same time, we seek to support innovation and
encourage competitiveness in the sector.” H.E. Dr Ahmed
Alkholifeythe Governor of the Saudi Central Bank
“With every fintech licensing batch, we look
forward to seeing a constant increase in
innovation and creativity. This motivates us to
move ahead with subsequent licensing batches,
which give us the opportunity to view other
innovative business models.”H.E. Mr. Mohammed ElkuwaizChairman
of the Capital Markets Authority
Congratulations to the third batch of fintechs graduating from
CMA’s Fintech Lab!
CMA has issued Financial Technology Experimental Permits
(ExPermits) to the following three fintechs:
• Sukuk Capital, to establish a platform for offering and
investing in debt instruments.
• Osool and Bakheet Investment Company, to create an equity
crowdfunding platform.
• DFN RoAd Company, to experiment with a robo-advisory service
for investors.
SAMA has granted two fintechs, both of whom applied to be part
of the second cohort of 2019, approval to operate in the Regulatory
Sandbox environment:
• Tabby, offering a buy now, pay later service
• Tamara, offering a buy now, pay later service
This brings the total amount of fintechs who have been granted
approval by SAMA in previous cohorts to 32.
Congratulations to the fintechs permitted to operate in SAMA’s
Regulatory Sandbox!
Congratulations to the innovative companies accepted into the
Fintech Accelerator Program!
We look forward to following their journeys and seeing their
impact on Saudi Arabia’s fintech industry.
Check out the Opportunities Available on Fintech Saudi’s Job
Portal:
IT Admin
0 - 2 Years 2 - 5 Years
RiyadhSaudi Arabia
RiyadhSaudi Arabia
Support Engineer Collections Manager
Employers looking to post vacancies related to the fintech
industry can do so through this link.
Fintech Tour 20 Sessions are Available Now on Youtube
Interested in viewing any of Fintech Tour 20’s events? You can
now access recordings of all the lectures, workshops, and panel
discussions through Fintech Saudi’s YouTube channel.
Fintech Saudi in 2020
Fintech Saudi Fintech Cheat Sheets
Highlighting fintech trends in nine different areas of
financial services.
3/10
Fintech Internship 20
An opportunity for over 90 interns to gain experience working in
fintech at 27 leading organizations in Saudi Arabia.
4/22
2/27
Fintech Saudi Resources Page
Giving everyone easy access to a variety of fintech-related
educational content in one page.
Fintech Regulatory Assessment Tool
A tool designed to help fintechs in Saudi Arabia better
understand the regulatory pathways for their activities.
7/2
Fintech Data & Research Initiative
Enriching content in the fintech industry by encouraging
research and building on existing knowledge.
7/12
Fintech Access Guide 2.0
A comprehensive overview of Saudi’s regulatory
environment, in addition to a detailed framework for
local fintech entrepreneurs.
7/21
Fintech Saudi Annual Report
A report showing the emergence of Saudi Arabia’s thriving
fintech industry.
8/19
Fintech Accelerator Program
A program giving 11 fintechs in Saudi Arabia the
opportunity to take part in an intensive 3-month program
designed to help them grow and scale their businesses.
10/4
Fintech Saudi Job Portal
A platform connecting recruiters with job seekers in the fintech
industry.
10/5
Fintech Ecosystem Directory
A comprehensive database of the key support services and
partners that fintech companies in Saudi Arabia may need.
10/19
Fintech Tour 20
The largest cluster of fintech events in MENA, consisting of 24
lectures, panels, and workshops led by expert speakers from around
the world.
11/29
SAMA Announces Dates for Regulatory Sandbox Applications
SAMA announced that it will be accepting applications for the
Regulatory Sandbox’s next cohort from January 15, 2020 to February
13, 2020.
STCPay Reaches Unicorn Status
On November 23, STC Pay announced that it had become Saudi’s
first un after Western Union acquired a 15% stake in the
company.
Tabby Raises $23m in Series A Round
Tabby, a buy now, pay later startup based in Dubai and Riyadh,
has raised $23m in a debt and equity Series A round led by
Southeast Asian VC Arbor Ventures and Mubadala Capital.
KSA's Qoyod closes $2.1M Series A investment
Qoyod, a Saudi Arabian cloud-based accounting software provider
for small and medium businesses in KSA and the region, has
announced a Series A investment round of $2.1M led by Merak
Capital, with participation from other investors.
OceanX Publishes Fintech Report
In collaboration with Fintech Saudi, OceanX has published a new
fintech report. The report offers information on the beginnings of
the industry, as well as details on prominent local and
international figures in fintech and fintech regulations in Saudi
Arabia.
Click here to view the report
SAMA, CBUAE issue report on results of joint digital currency
project ‘Aber’
On November 29, the Saudi Central Bank (SAMA) and the Central
Bank of the United Arab Emirates (CBUAE) released a report
announcing the results of Project Aber, a joint digital currency
proof of concept project.
Click here to view the report
News and Updates
http://www.sama.gov.sa/en-US/-SandBox/pages/submission_period.aspxhttps://www.stc.com.sa/wps/wcm/connect/english/stc/NewsItems/western-union-acquires-stc-payhttps://www.sama.gov.sa/en-us/news/pages/news-630.aspxhttps://www.centralbank.ae/sites/default/files/2020-11/Aber%20Report%202020%20-%20EN_4.pdfhttps://www.menabytes.com/tabby-series-a/amp/?__twitter_impression=truehttps://magnitt.com/news/qoyod-series-a-52402https://twitter.com/OceanXksa/status/1322120684550688769?s=20https://www.oceanx.sa/Fintech%20report2.pdfhttps://www.youtube.com/playlist?list=PLKsTVBV71IsV_OWRUJ9A5FK-SKfE3FJtNhttps://cma.org.sa/en/Market/NEWS/Pages/CMA_N_2807.aspxhttps://cma.org.sa/en/Market/News/pages/CMA_N_2805.aspxhttps://cma.org.sa/en/Market/NEWS/Pages/CMA_N_2818.aspxhttps://www.sama.gov.sa/en-us/news/pages/news-620.aspxhttps://fintechsaudi.com/fintech-jobs/https://form.jotform.me/201891562043452https://fintechsaudi.com/resources/https://fintechsaudi.com/wp-content/uploads/2020/03/Fintech%20Cheatsheet%20-%20English%20.pdfhttps://twitter.com/FintechSaudi/status/1253015763881000960?s=20https://fintechsaudi.com/regulatory-assessment-tool/https://fintechsaudi.com/wp-content/uploads/2020/07/Fintech%20Data%20&%20Research%20Initiative%20-%20E.pdfhttps://fintechsaudi.com/wp-content/uploads/2020/07/English-Fintech-Access-Guide.pdfhttps://fintechsaudi.com/wp-content/uploads/2020/03/Fintech_Saudi_Annual_Report-Eng2.pdfhttps://fintechsaudi.com/fintech-accelerator/https://fintechsaudi.com/fintech-jobs/https://fintechsaudi.com/directory/https://www.youtube.com/playlist?list=PLKsTVBV71IsV_OWRUJ9A5FK-SKfE3FJtNhttps://twitter.com/fintechsaudi?lang=arhttps://sa.linkedin.com/company/fintech-saudihttps://www.youtube.com/channel/UC3tDa7WFlZo1a40iZ7n7F4whttps://fintechsaudi.com/?lang=ar
