🎉 Saudi Arabia🇸🇦: fintech Lean Technologies becomes the first to receive a licence under the Open Banking program

🎉 Saudi Arabia🇸🇦: fintech Lean Technologies becomes the first to receive a licence under the Open Banking program

This refers to an MPI licence (for major payment institutions), whose issuance marks the transition of open banking from a regulatory sandbox phase to fully licensed activity.

✨ Context: the SAMA open banking program is part of the National Fintech Strategy, with a horizon through 2030, aimed at positioning the Kingdom as a global financial hub.

✨ Company profile: Lean Technologies is a financial infrastructure provider in the MENA region. During its sandbox phase, the company connected over one million bank accounts and processed more than one billion transactions, establishing a significant operational base.

✨ Ecosystem: the licence was obtained through partnerships with local players in BNPL, consumer finance, and automotive sectors, including Tabby, Tamara, Abdul Latif Jameel, Sukuk, and Tasheel. For instance, Tamaraintegrated Lean’s infrastructure to enhance credit assessment; after incorporating cash flow data into underwriting, consumer loan approval rates increased by 32%.

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