If you are entering the Saudi Fintech market, you must understand two regulators.
1. Capital Market Authority (CMA)
Responsible for investments and assets. If you offer Robo Advisory, Trading, or Fund Management, you fall under CMA. They focus on governance, investor protection, and disclosure.
2. Saudi Central Bank (SAMA)
Responsible for payments and non-investment services. If you offer Digital Wallets, Gateways, or BNPL, you fall under SAMA. They focus on cybersecurity, capital adequacy, and data protection.
"CMA focuses on Investment/Trust. SAMA focuses on Stability/Security. This balance creates a complete ecosystem."
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