Riyadh – Sharikat Mubasher: The Saudi Central Bank (SAMA) has granted licenses to Neotek and Lean Technologies to offer payment services through account information access, a key component of open banking.

As per SAMA’s announcement on its official website, the approvals come after both firms successfully completed SAMA’s regulatory sandbox phase. The move highlights the central bank’s efforts to foster innovation, improve financial transaction efficiency, and expand financial inclusion across Saudi Arabia.

Neotek is an innovative FinTech, that focuses on transforming the financial ecosystem through advanced emerging solutions such as “Open Banking” & “Banking-as-a-Service” which aims to empower businesses and how they are connecting to the financial industry.

Meanwhile, Lean is a fintech platform providing a universal API that unlocks critical infrastructure across the MENA region. Lean enables fintech innovators to seamlessly connect to their customers’ bank accounts to initiate real time payments and retrieve their account information.