The Saudi Central Bank (SAMA) has officially licensed Tatbiq Darahem Company for Technology Almaliya to provide open banking services, specifically focusing on account information services. The move signals another step forward in the Kingdom’s rapidly evolving financial technology landscape.
Quick Facts
- Company: Tatbiq Darahem Company for Technology Almaliya
- License: Open Banking (Account Information Services)
- Regulator: Saudi Central Bank (SAMA)
- Total Licensed Payment Firms: Now 32 in Saudi Arabia
From Sandbox to Market
The license was granted after Tatbiq Darahem successfully completed a trial period in SAMA’s regulatory sandbox. This supervised environment allows fintech companies to test their products and services in a live but controlled setting before a full market launch.
SAMA’s decision is part of its wider strategy to support the financial sector, increase the efficiency of financial transactions, and encourage innovation in financial services across the Kingdom.
Bolstering Saudi’s Open Banking Framework
With the addition of Tatbiq Darahem, Saudi Arabia now has 32 licensed companies authorized to offer payment services. This latest approval continues the central bank’s push to advance financial inclusion and broaden access to financial services for all segments of society.
In its announcement, SAMA reiterated the importance for consumers and businesses to deal exclusively with financial institutions that are licensed or permitted by the regulator.
About Tatbiq Darahem
Tatbiq Darahem is the company behind Darahem, a personal finance management application. The app connects to users’ bank accounts to help them track their expenses, manage their finances, and gain insights into their spending habits, aligning with its new license for account information services under the open banking framework.
Source: Zawya
