The number of companies licensed by the Central Bank of Saudi Arabia during the current year reached nine new companies, seven of which work in the finance sector, one in the electronic payments sector, and another in insurance, in addition to obtaining preliminary approvals for six companies working in the field of payments.
With the addition of the new licenses, the total licensed companies reach 395 companies, of which 211 companies are in the insurance sector, representing 53% of the total companies, but it is still almost three times greater than the number of companies in the exchange sector, which is 66 companies.
The number of companies licensed in the finance sector is 56, while the number in the banking sector is estimated at 36, and the number in the payments sector is 24, according to the Saudi newspaper, Al-Eqtisadiah.
The credit information sector had two licenses, one of which was for the Saudi Credit Information Company “Simah” and the second for the Bayan Credit Information Company.
The newly licensed companies are: Balance for Technology Payments, The Future of Creativity, Excellence for Application Solutions for Information Technology, Money, Fuel for Finance, Raqmia for Crowdfunding with Debt, Foras for Crowdfunding with Debt, Baptism for Crowdfunding with Debt, and Cigna Worldwide Insurance.
The American Cigna Worldwide Insurance, licensed on February 6, 2023, is the first branch of a foreign insurance company in Saudi Arabia, as this is one of the steps taken to enable foreign direct investment and exchange of experiences.
With the company’s license, the number of companies operating in the medical insurance sector is 26, representing 12% of the sector’s total of 211 companies.
And with the introduction of “Balance for Technology Payments” on the third of April, the number of companies operating in the field of payment services will be 15 companies.
With the licensing of the “Mani” companies, “The Future of Creativity” and “Excellence for Information Technology Application Solutions”, the number of companies licensed to carry out activities supporting the financing activity is eight companies.
While the number of companies licensed to engage in financing activities other than real estate financing reached 41 companies, including “Fuel Finance”, “Raqimiya for crowdfunding on debt”, “opportunities for crowdfunding on debt”, and “baptism for crowdfunding on debt”.
The two companies, “Taameed” and “Foras” for debt crowdfunding, are the first companies to be licensed during the year, on January 23, 2023, followed by the “Raqamiya” company operating in the same field in early February of the same year.