RIYADH: Saudi Central Bank, also known as SAMA, has updated the rules for separating the funds of participants in the financing process and the funds of a crowdfunding facility.
The step aims to support the emergence of fintech companies.
The updated rules aim to redefine the beneficiary to include all commercial establishments registered in the Kingdom of Saudi Arabia that seek to obtain financing through the debt crowdfunding platform.
They add the definition of aggregate accounts to ensure complete separation between the funds of the participants in the financing process and the funds of the crowdfunding facility, the Bank clarified.