Themar, a Shariah-compliant peer-to-peer purchase financing network, has been given permission by the Saudi Central Bank to offer debt-based crowdfunding solutions in the Kingdom. Themar is now the seventh fintech company in the Kingdom that is permitted to market its goods and services. The fintech company facilitates investor connections for startups and small companies.
The Kingdom's financial sector is being strengthened, transactional efficiency is being increased, and creative financial inclusion is being promoted as part of the central bank's initiatives. SAMA granted licenses to two fintech companies that specialized in debt-based crowdfunding in January.
Forus provides a fresh approach to money management with a user-friendly and secure app. Tameed, on the other hand, is a unique platform for purchase order financing in Saudi Arabia. It connects small and mid-market businesses looking for financing with peer-to-peer lending based on government-backed purchase orders.
Fintech company Raqamyah, based in Riyadh, received a license in February to operate as one of the seven permitted businesses providing debt-based crowdfunding solutions to small and medium-sized businesses in the Kingdom. These licenses help SAMA go closer to its objective of making Saudi Arabia one of the top nations in the fintech sector.
According to data made public by SAMA in July, the combined portfolios of Saudi Arabia's financial institutions increased 10.8% to SR75.45 billion ($20 billion) in 2022. In addition to the net income expanding by 3.3 percent to SR1.86 billion, the total assets of the sector climbed by 6.5 percent to SR57.02 billion