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.
A picture taken on Nov. 18, 2020, shows an electronic billboard bearing the portraits of Saudi King Salman Bin Abdul-Aziz Al Saud (R) and his son Crown Prince Mohammed bin Salman ahead of a meeting of finance ministers and central bank governors of the G20 nations in Riyadh. - FAYEZ NURELDINE/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

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. 

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