The Banking Executive, Issue 155, November 2021

Saudi Central Bank Saudi Central Bank LICENSES NEW FINTECH COMPANY The Saudi Central Bank (SAMA) has announced the licensing of a new fintech company which will offer services through the country’s SADAD system, which facilitates bill payments in the kingdom. Al-Hulul al-Shamilah Finance is the 14th payment company licensed by SAMA, in addition to seven others which have been given “in-princi- ple” approval. The Saudi Press Agency (SPA) said SAMA is promoting the development of the fintech sector with the aim of attracting “a value-adding new seg- ment of investors and companies”. “This is in line with SAMA's role in enhancing financial stability and supporting opportunities for growth and economic development in Saudi Arabia, towards achieving the goals of the Kingdom's Vision 2030,” the state news agency said. the BANKING EXECUTIVE 16 ISSUE 155 NOVEMBER 2021