Fuel Finance Company, a firm that focuses on providing consumer microfinance, has received a license from the Saudi Central Bank (SAMA). SAMA has stated that it aims to promote and empower the finance sector by facilitating the implementation of innovative financial services.
This license is expected to draw in a new set of investors and mid-sized companies, contributing to the development of the industry, as the license given to Fuel Finance Company will guarantee the adherence to regulatory requirements related to corporate governance, risk management, compliance, and consumer protection, ensuring efficiency in the operations of both investors and companies.
The license also aligns with SAMA’s objectives of promoting financial stability and supporting economic growth in line with Saudi Vision 2030. According to the state-owned SPA news agency, SAMA also granted licenses to Forusand and Tameed, two fintech companies that specialize in debt-based crowdfunding, last month. The licenses were given after the successful testing of their solutions in SAMA’s regulatory sandbox, which is a testing environment dedicated to innovative financial products and services in Saudi Arabia.
