• Thara Receives SAMA Approval for Debt-Based Crowdfunding Solutions: The Saudi Central Bank (SAMA) has officially licensed “Thara” as the ninth authorized company to provide debt-based crowdfunding solutions in Saudi Arabia.
• SAMA’s Strategic Commitment to Financial Innovation: The approval of Thara’s license is part of SAMA’s strategic decision to strengthen the financial sector, improve the efficiency of financial transactions, and encourage innovative financial solutions. This initiative aims to foster greater financial inclusion within Saudi Arabia.
• Expanding Financial Services Landscape in Saudi Arabia: With the addition of Thara, the total number of finance companies licensed and permitted by SAMA has reached 59.
The Saudi Central Bank (SAMA) has officially granted a license to “Thara” to offer debt-based crowdfunding solutions.
This approval marks a significant milestone, making Thara the ninth authorized company to provide such solutions in Saudi Arabia.
The total number of finance companies licensed and permitted by SAMA now stands at 59.
This strategic decision aligns with SAMA’s commitment to bolster the financial sector, enhance the efficiency of financial transactions, and foster innovative financial solutions to promote greater financial inclusion in Saudi Arabia.
SAMA underscores the importance of engaging exclusively with authorized financial institutions. For a comprehensive list of licensed and permitted financial institutions, please refer to SAMA’s official website.
In a parallel move, the Saudi Central Bank has also granted licenses to “Network International Arabia” for providing payment services through point-of-sale (POS) and to “Barraq” for offering e-wallet services.
With these additions, the total number of licensed companies providing payment services in Saudi Arabia has reached 27.”
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