Skip to main content

Saudi Central Bank approves fintech companies Lean Technologies, Mod5r

Saudi Arabia recently launched a fintech strategy with the goal of becoming a regional hub for financial technology.
A picture taken on Nov. 18, 2020, shows an electronic billboard bearing portraits.

Saudi financial authorities Tuesday granted regulatory approval for two new fintech companies to operate. 

The Saudi Central Bank said that Lean Technologies and Mod5r can now provide open banking solutions in the kingdom. There are currently 38 financial technology companies operating under the bank’s regulation with the addition of the two firms, according to a press release. 

Lean Technologies develops software for fintech companies in the Middle East. Mod5r works on providing people in Saudi Arabia the necessary tools to access fintech services, such as online saving and investment programs. 

Why it matters: The Saudi Ministry of Finance launched its FinTech Strategy Implementation Plan in June. The plan aims to make the kingdom a hub for fintech. The endeavor is part of Saudi Arabia’s Vision 2030 initiative, which promotes economic diversification and reduced dependence on oil. 

The sector is growing in the country. Last week, the Saudi-based fintech firm CASHIN signed an agreement with the Saudi National Bank to help small- and mid-sized businesses with financial transactions, for example. 

Know more: Saudi entities are investing in a variety of futuristic technologies per the Vision 2030 initiative, including cloud services, blockchain and the metaverse, among others. Venture capital investments in Saudi startups rose more than 200% during the first half of the year. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

Already a Member? Sign in

Gulf Briefing Gulf Briefing

Gulf Briefing

Top GCC stories in your inbox each week

Trend Reports

Saudi Crown Prince Mohammed bin Salman (4th R) attends a meeting with Chinese President Xi Jinping (3rd L) at the Great Hall of the People in Beijing on February 22, 2019. (Photo by HOW HWEE YOUNG / POOL / AFP) (Photo credit should read HOW HWEE YOUNG/AFP via Getty Images)
Premium

From roads to routers: The future of China-Middle East connectivity

A general view shows the solar plant in Uyayna, north of Riyadh, on March 29, 2018. - On March 27, Saudi announced a deal with Japan's SoftBank to build the world's biggest solar plant. (Photo by FAYEZ NURELDINE / AFP) (Photo credit should read FAYEZ NURELDINE/AFP via Getty Images)
Premium

Regulations on Middle East renewable energy industry starting to take shape

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial