FinTech firms likely to hit 150 in 12 months: SAMA

The financial technology (FinTech) firms operating in Saudi Arabia are expected to range between 100 and 150 over the next 12 months, Husam Almahmoud, Oversight and Assessment Manager at the Saudi Arabian Monetary Authority (SAMA), told Al-Arabiya TV.

SAMA, the Kingdom’s central bank, has launched the second experimental permit (ExPermit) for FinTech firms, receiving 100 applications between Dec. 15, 2019 and Jan. 15, 2020.

The first testing period included 21 applicants, Almahmoud said.

Following the completion of the first ExPermit, two players were licensed including a smart wallet firm, while other players will be licensed next month, the official added.

SAMA has closely monitored the experiments of those firms to deploy and test their innovative FinTech products, as well as their compliance with the instructions relevant to the protection of clients’ rights.

SAMA focuses on protecting the assets and information of FinTech firms’ clients, while combating money laundry, Almahmoud stressed.

STC Pay, the electronic payment subsidiary of STC, has obtained a FinTech license as an e-wallet from SAMA, Argaam reported.