SAMA issues licenses to debt-based crowdfunding fintech firms

RIYADH: The Saudi Central Bank, known as SAMA, issued licenses to two fintech firms specialized in debt-based crowdfunding, according to a statement issued on Monday.

The firms, Forus and Tameed, were issued licenses following SAMA evaluation through the central bank’s regulatory sandbox, which is an experimental environment devoted to the innovation of financial products and services in the Kingdom.

Forus offers a new way to manage one’s money with none of the old restrictions through a simple and secure app.