RIYADH —The Saudi Central Bank (SAMA) announced the licensing of Fuel Finance Company, a new finance company specializing in consumer microfinance.
This step comes as part of SAMA’s role in enhancing and enabling the finance sector by supporting the introduction of new finance activities. This will contribute to attracting a new segment of investors and Med-Cap companies that can bring added value to the sector.
Such contribution will ensure the efficiency of investors and companies by maintaining full adherence to regulatory requirements issued by SAMA related to corporate governance, risk management, compliance, and consumer protection.
Additionally, the step aligns with SAMA’s role in promoting financial stability and supporting economic growth and development witnessed in the Kingdom towards the accomplishment of the goals of Saudi Vision 2030.
SAMA reiterated its commitment to supporting the finance sector, increasing the efficiency and flexibility of financial transactions and promoting innovative financial solutions.
This in turn backs financial inclusion in the Kingdom and ensures access to financial services by all segments of society.
Finally, SAMA stresses the importance of dealing exclusively with licensed and authorized financial institutions. To view licensed and authorized institutions, please visit SAMA’s official website. SPA