Startup Wrap — SAMA grants permits for two fintechs to provide Open Banking services; Zywa prepares to launch in Saudi Arabia
CAIRO: The Saudi Central Bank has granted permits for two fintech startups, Saudi-based Lean Technologies and Mod5r, to provide open banking solutions.
Bringing the total number of permitted companies operating under its regulatory SandBox to 38, SAMA — as the central bank is also known — is currently working on developing and implementing a high standard network to carry out open banking solutions across the Kingdom.
Founded in 2019, Lean Technologies is the first technical service provider to be approved by the SAMA SandBox and is set to support fintech companies in building the next generation of financial services.
Mod5r was founded in 2020 as it provides a mobile application for users to have all their financial transactions in one…