Tuesday 31 January 2023

Manafa wins Sama approval to launch Saudi operations

DUBAI, December 9, 2022

The Saudi Central Bank (Sama) has announced that it has awarded the licence to Manafa, a finance company specialised in debt-based crowdfunding, to launch its operations in the kingdom.  
Manafa is a closed joint-stock company with a capital of SR40 million. The license was granted to the company after a successful trial run in Sama's Regulatory Sandbox; an experimental environment dedicated to innovative financial products and services in Saudi Arabia.
This initiative comes as part of the vital role Sama plays in strengthening the finance sector by encouraging innovative activities and enticing a wider pool of investors and companies that can bring added value, reported SPA. 
Sama said it strives to achieve these goals while demonstrating ultimate competent as well as full adherence to control and supervisory requirements clearly set out by Sama.
The central bank reiterated its commitment to support the finance sector, increasing the efficacy and flexibility of financial transactions, enabling and encouraging innovations in financial services, promoting financial inclusion in the kingdom and enabling easy and secure access to financial services to all segments of the Saudi society, it stated. 
Such a step will contribute towards achieving Fintech Strategy for the Kingdom to be among the leading countries in Fintech, it added.


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