CAIRO: Riyadh-based fintech firm Raqamyah has received a license from the Saudi Central Bank, also known as SAMA, to offer its debt-based crowdlending solutions to small and medium enterprises. The license was granted after the company successfully passed testing its solutions within the SAMA’s regulatory sandbox, an experimental environment dedicated to innovative financial products and services in Saudi Arabia. Founded in 2017, Raqamyah enables SMEs to access Shariah-compliant financing of up to $1.3 million from individual and institutional lenders through its online platform and has been part of SAMA’s regulatory sandbox since 2019. SMEs apply for financing applications with the firm and receive approval within three working days to list their business on the platform where lenders start funding the request. The financers then receive monthly payments and profits as the businesses make their repayments. The platform also offers lenders to automate their lending investments so whenever there’s an opportunity that fits the criteria. In February 2021, Raqamyah secured $2.3 million in a funding round led by Impact46 which was used to comply with SAMA’s licensing requirements. The bank said its licensing of fintech companies contributes to achieving the objectives of the Financial Development Sector strategy aligned with Vision 2030. “SAMA reiterates its commitment to support the finance sector, increase the efficacy and flexibility of financial transactions and enable innovation in financial services to promote financial inclusion in the Kingdom and provide easy and secure access to financial services to all segments of society,” it said in a press release. Last month, the central bank issued licenses to two fintech firms — Forus and Tameed — both specializing in debt-based crowdfunding. Also earlier in January, the central bank announced the launch of a new lab to allow businesses to test their products against an established framework. The service is a new concept that enables consumers of financial institutions to securely share their data with a third-party provider, facilitating innovative services and products.