Monshaat to launch new platform for finance seekers

Saudi Arabia’s Small & Medium Enterprises General Authority (Monshaat) will set up a new platform to link potential finance seekers to financial institutions and financial technology (fintech) companies to provide various financing solutions.

“Monshaat is supporting fintech firms to obtain the relevant licenses,” Al-Eqtisadiah newspaper reported, citing Bader Ali Al Garni, general manager of Fintech and Alternative Funding.

He also added that banking services were available; however, they became more reachable amid the technological boom.

In December, Saudi Arabian Monetary Authority (SAMA) began designing a Sandbox regulatory environment to assess the impact of new technologies on Saudi Arabia’s financial services sector.

The sandbox aimed to attract fintech companies to provide innovative financial services to start-ups, fintech companies, financial services companies and professional services companies in Saudi Arabia.

In 2018, SAMA launched an initiative to support the fintech ecosystem and promote the Kingdom as a fintech hub.