Saudi-based Funding Souq obtains crowdfunding license


RIYADH: The Saudi Central Bank, also known as SAMA, has issued a license to Funding Souq, a debt crowdfunding platform, to operate in the Kingdom. 

This new permit raises the count of companies authorized in this domain to 10, bringing the number of fintech companies permitted by the apex bank to 61.

“This decision reflects SAMA’s endeavor to support the financial sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia,” the bank said in a statement.