In the Kingdom of Saudi Arabia (indistinctively, “KSA”, “Saudi Arabia” or the “Kingdom”), any company that provides fintech-related products and services that falls under the regulatory jurisdiction of a competent authority are generally required to comply with the applicable and relevant framework.

There are three key regulators namely, the Saudi Central Bank (SAMA), which oversees a wide spectrum of financial services, (e.g. digital banking and finance, e-payments and BNPL, among others) and the Capital Market Authority (CMA), which exercises regulatory powers on security products and services, including dealing, arranging, managing, advising, and custody of securities and other capital market-related activities (e.g. investment platforms, equity crowdfunding and robo-advisers, among others). More recently, the Insurance Authority (IA) was established in November 2023, which took over SAMA’s prior insurance-related competences, including the licensing of insurance and reinsurance companies, intermediaries (e.g., brokers, agents), insurance aggregation and insurance service providers.