Riyadh - Sharikat Mubasher: The Saudi Central Bank (SAMA) licensed Drahim, a Riyadh-based fintech company, to provide account information, one of the services associated with open banking, as part of its payment services.
The company received the license after completing the regulatory sandbox phase under SAMA's supervision, SAMA revealed in a statement yesterday. With this license, the total number of licensed companies offering payment services in the Kingdom reached 32.
This decision reflects SAMA’s commitment to advancing financial inclusion and expanding access to financial services across all segments of society.
Through its personal budget application, Drahim connects securely to users’ bank accounts to analyze daily transactions, including point-of-sale purchases, money transfers, and receivables. Then, users receive a simple, complete personal report showing average spending, upcoming bills, and their most frequent transactions. Drahim’s AI engine suggests a tailored, low-risk, auto-investing plan in stocks.
