The Saudi Central Bank (SAMA) has granted a licence to Siola Al-Oula to operate as a micro consumer finance company, bringing the total number of licensed firms in this sector to seven, the regulator announced on January 8.
Saudi Arabia is slowly relaxing its financial sector to allow new and smaller players into the market.
The licensing is part of SAMA's broader strategy to strengthen Saudi Arabia's finance sector, which now includes 63 licensed finance companies across various categories.
The central bank said the move aims to enhance financial sector flexibility and promote innovation in financial services. It also supports the regulator's objectives of boosting financial inclusion and ensuring access to financial services across all segments of society.
This development aligns with SAMA's ongoing efforts to diversify the kingdom's financial services landscape and foster a more inclusive financial ecosystem.
Related Articles
Saudi Arabia's electronic payment system among world's most advanced, central bank governor says
Saudi Arabia's electronic payment system has become one of the world's most digitally advanced, Saudi Central Bank Governor Ayman Al-Sayari said at the Money 20/20 Middle East fintech conference, ... more
GCCIA, Bank Sohar sign $500mn deal to build 400kV Gulf-Oman power link, boost regional energy trade
The Gulf Cooperation Council Interconnection Authority and Bank Sohar International (SIB) have signed a $500mn interim financing agreement to support the direct electrical interconnection project ... more
Al Rajhi Bank raises $1bn through sukuk with 5.65% annual yield
Al Rajhi Bank raised $1bn through issuing 5,000 Tier 2 social sukuk to meet its financial and strategic objectives, the bank said in a statement on Saudi stock exchange, the Tadawul on September ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
22 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago