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Banking & fintech brief
Sunday, 1 November 2026 · Jumada I 21, 1448 AH |
Banks, payments and financial rules Monitoring window: 07:14 on 25 Oct to 07:14 on 1 Nov, Riyadh time
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Banking & fintech in Saudi Arabia · 3 min read
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SAMA begins licensing fintech companies to provide open banking services |
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The bottom line
OpportunityOpen banking licensing and the draft raising finance limits widen room for fintech and finance companies. RiskTabby, valued at $6.5bn, expands into broader credit, intensifying competition in consumer finance. WatchBrokerage arms face a 31 December deadline on algorithmic trading and margin rules.
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Markets
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Brent crude
117.64 $/barrel ▲ 2.4%
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Gold
3,874.40 $/oz ▼ 3.5%
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Saudi market index (TASI)
9,921.50 points
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S&P 500
7,580.07 points ▼ 1.8%
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30 Oct close (Saudi market index (TASI): 29 Oct)
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Situation
AFC Asian Cup: Tournament may be postponed; final call expected late November (AGBI, updated Sun 1 Nov)
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The lead story
Tabby valued at $6.5bn after $233m funding round
What happened Blue Pool Capital led the round with HSBC, Wellington Management and Arbor Ventures, subject to regulatory approvals. Tabby says the capital will fund expansion into broader credit and asset management; its 2025 net profit was 206.4m riyals, up about 82%.
Why it matters Holding SAMA consumer and SME finance licences, Tabby moves further into territory held by banks and finance companies.
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◆ Sector leaders
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◆ Regulation (4)
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SAMA begins licensing fintech companies for open banking services
SAMA opened licensing after the regulatory sandbox phase was completed successfully. Open banking lets customers share financial data, with consent, with SAMA-supervised entities offering new products.
Why it matters: Licensing opens the way for Banking & fintech companies to offer services built on bank customer data under the Open Banking Program.
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Draft for comment
SAMA puts draft update to Finance Companies Control Law regulations out for comment
By Saudi Central Bank (SAMA)
The draft would raise the aggregate finance a finance company may offer and cut bank guarantees required with licence applications. It also revises related-party provisions and sets licence expiry cases; comments are open for 30 days on Istitlaa.
Why it matters: The draft touches finance limits and licensing requirements for finance companies, including fintechs holding finance licences.
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CMA sets rules on foreign-market dealing, securities lending and margin
Institutions must collect initial margin of at least 50% of trade value and keep coverage above 25% daily; margin trades on leveraged ETFs are barred. Rules apply from issue, with existing clients to be adjusted by 31 December.
Why it matters: The rules touch margin lending and foreign-market products at bank-owned brokerages.
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◆ Industry & market (4)
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PayTabs signs MoU to acquire SeaPay
PayTabs aims to fully acquire SAMA-licensed Arab Sea Financial Company from Tadawul-listed Arab Sea Information Systems, adding acquiring and targeting 200,000 Saudi merchants by 2030.
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◆ Saudi Arabia: security & major events
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◆ Worth reading
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◆ On the radar
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◆ Sun 1 Nov: OPEC+ monthly meeting on oil output levels OPEC ◆ Sat 28 Nov: CMA listed-company governance amendments consultation closes الاقتصادية ◆ Thu 31 Dec: Deadline to comply with algorithmic trading cap سبق
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For this brief we read 111 stories and chose 12.
Ijaz selects and summarizes the news with AI and can get things wrong. Check the source before relying on a story. Report any error to hello@ijaz.ai.
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