2022 Fsdp Q4 Reprt En · Page 5

 
5  | 
Financial Sector Development Highlights 
Total number of FinTech Companies operating in the 
Kingdom of Saudi Arabia & under SAMA reached 30, 
three of which were established in Q4-2022. 
The Total number of Fintech companies licensed by SAMA 
is 30 companies till Q4-2022. This comes as part of SAMA's 
role to promote the development of the financial 
technology sector to ensure ultimate stability and growth 
of the sector, and a step to contribute to the sector 
growth 
while 
complying 
with 
SAMA's 
regulatory 
requirements in line with SAMA's mandate to enhance 
overall 
financial 
stability 
and 
support 
greater 
opportunities of the Saudi Vision 2030. The companies are 
as follows: 
▪ 
Fintech in Payment: 
o 
Smart Digital Payment company (Tiqmo) 
o 
Tweeq 
 
▪ 
Fintech in Crowdfunding: 
o 
Manafa 
Issuance of the Open Banking framework 
SAMA issued the Open Banking Framework as one of the 
key outputs of the Open Banking Program, which includes 
a comprehensive set of legislation, regulatory guidelines 
and technical standards based on international best 
practices to enable banks and FinTech’s to provide open 
banking services in the Kingdom. 
This version of the open banking services focused on the 
Account Information Service (AIS), and the second version 
will focus on the Payment Initiation Service (PIS). SAMA is 
also tracking the development of banks and Fintech to 
ensure their readiness to launch open banking services. 
The Open Banking Program is one of the initiatives of the 
Fintech Strategy, one of the pillars of the Financial Sector 
Development Program (FSDP) under Saudi Vision 2030. 
The Fintech Strategy was approved by the Council of 
Ministers in May 2022, and it aims to make the Kingdom a 
global fintech hub where technology-based innovation in 
financial services is the foundation to enhance the 
economic empowerment of individuals and society. 
Launching the qualification program for financial 
departments in the Insurance sector 
The Saudi Central Bank has launched a two-month 
training program for financial departments in the 
insurance sector in collaboration with the Financial 
Academy, starting in January 2023. The program is 
designed with the best training and development 
solutions tailored to the insurance sector with the aim of 
providing participants with the skills and knowledge that 
support their access to job opportunities in the financial 
departments of companies operating in the insurance 
sector. 
Issuance of comprehensive motor Insurance rules 
SAMA issued the Comprehensive Motor Insurance Rules; 
these rules aim to regulate the contractual relationship 
between the insurer and the insured by standardizing the 
minimum 
coverage 
limit 
of 
the 
non-compulsory
comprehensive motor insurance and outline coverage
provisions of the compulsory and optional coverage to be 
provided in the policy. 
Most importantly, it includes the calculation of the sum
insured based on an agreement between the insurer and 
the Insured, provisions of applying the deductible 
amount, determining the repair cost by the competent 
entity in charge of automobile damage appraisal in case 
of partial loss and in the technical total loss as decided 
by the competent entity, as well as to allow space for the 
insurer and the insured to agree on the percentage to 
consider the vehicle as an economic total loss, and 
compensate  the insured based on the sum insured. These 
rules also emphasize forbidding the nami