Saudi Central Bank announced the licensing of a new finance company in consumer microfinance activity, namely: Fuel Finance Company.
This step comes in line with the role of Saudi Central Bank in supporting the empowerment of the finance sector by allowing the entry of new financing activities to strengthen and support the sector.
It also contributes to attracting a new segment of investors and mid-capitalization companies that add value to the finance sector, in a way that ensures the efficiency of the work of these companies, by complying with the Central Bank's regulatory and supervisory requirements related to corporate governance, risk management, compliance and customer protection.
This step is in line with the Central Bank's support for enabling the finance sector by allowing the entry of new financing activities to strengthen and support the sector. This step is in line with the role of the Saudi Central Bank in promoting financial stability and supporting the opportunities for economic growth and development witnessed by the Kingdom towards achieving the goals of Saudi Vision 2030.
The Central Bank stressed the importance of ensuring the efficiency of the operation of these companies, through adherence to the regulatory and supervisory requirements issued by the Central Bank related to corporate governance, risk management, compliance, and customer protection. The Central Bank emphasized the continuous endeavor to support the finance sector, raise the level of efficiency and flexibility of financial transactions, in addition to enabling and encouraging innovation in the financial services provided; with the aim of enhancing the level of financial inclusion in the Kingdom and enabling financial services to reach all segments of society.
The Central Bank emphasized the importance of financial inclusion in Saudi Arabia, in addition to enabling and encouraging innovation in financial services. The Central Bank stressed the importance of dealing with financial institutions licensed and authorized by the Central Bank, which can be verified by visiting the Bank's website.
The Central Bank stressed the importance of dealing with financial institutions licensed and authorized by the Central Bank.
