The Saudi Central Bank “SAMA” has granted a license to “JAC Advanced” to engage in consumer finance activities, bringing the total number of licensed finance companies in the Kingdom to 75. This decision is part of the central bank’s efforts to support and enable the finance sector to enhance the effectiveness and flexibility of financial transactions, and to encourage innovation in financial services provided, with the aim of promoting financial inclusion in the Kingdom and ensuring financial services reach all segments of society.
The Saudi Central Bank emphasizes the importance of dealing with licensed or authorized financial institutions by “SAMA,” which can be verified by visiting the website. The bank also announced the licensing of “Muwafaq Digital” to engage in digital brokerage activities for finance entities in the Kingdom. This decision is part of the central bank’s efforts to support and enable the finance sector to enhance the effectiveness and flexibility of financial transactions, and to encourage innovation in financial services provided, with the aim of promoting financial inclusion in the Kingdom and ensuring financial services reach all segments of society. The Saudi Central Bank emphasizes the importance of dealing with licensed or authorized financial institutions by “SAMA,” which can be verified by visiting the website.
