The Saudi Arabian Monetary Authority (SAMA) has licensed Tamawal to provide finance aggregation services in Saudi Arabia, bringing the total number of licensed finance aggregation companies to six. SAMA framed the licence as part of its efforts to support the financial sector, improve the efficiency of financial transactions and promote innovative financial solutions aimed at advancing financial inclusion. It also reiterated that customers should deal only with authorised financial institutions and referenced its list of licensed and permitted entities.
Saudi Arabian Monetary Authority 2025-04-28
Saudi Arabian Monetary Authority licenses Tamawal to provide finance aggregation services, taking the total to six licensed providers
The Saudi Arabian Monetary Authority (SAMA) has licensed Tamawal to offer finance aggregation services, increasing the total number of such licensed companies in Saudi Arabia to six. This move aligns with SAMA's strategy to enhance financial sector efficiency and promote innovative solutions for financial inclusion. SAMA also emphasized the importance of engaging only with authorized financial institutions.