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  2. SDAIA, SAMA sign supplemental MoU to enhance data protection

SDAIA, SAMA sign supplemental MoU to enhance data protection

GHADA.ISMAIL
Feb 6, 2025
The supplemental MoU focuses on regulatory oversight and data governance

Riyadh – Sharikat Mubasher: The Saudi Data and AI Authority (SDAIA) and the Saudi Central Bank (SAMA) announced signing a supplemental memorandum of understanding (MoU) to enhance the mechanisms and procedures for monitoring and supervising compliance within financial institutions.

This step underscores the Kingdom's commitment to fostering a robust regulatory framework in line with global best practices, as per an official press release.

The agreement, formalized at SDAIA's headquarters in Riyadh, builds on an earlier MoU between the two organizations. This foundational agreement laid the groundwork for enforcing the provisions of the Personal Data Protection Law and its executive regulations, a cornerstone of Saudi Arabia’s efforts to protect individual privacy and promote responsible data governance.

With the supplemental MoU, SDAIA and SAMA aim to deepen their collaboration by refining regulatory frameworks and ensuring that financial institutions align with the Personal Data Protection Law.

This partnership reflects the Kingdom's vision to create a data-driven economy, where regulatory oversight supports innovation while safeguarding personal data. By joining forces, the two entities strive to enhance accountability, streamline compliance, and foster trust across the financial sector.

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Fina secures SAR 282 mn facility to scale embedded financing for Saudi SMEs
Riyadh - Sharikat Mubasher: Fina, the fintech arm of Saudi-based company SILQ, secured a SAR 282 million (around $75 million) Shariah-compliant facility from Fasanara Capital, a London-based global investment manager.The facility will accelerate SILQ’s mission to build the financial infrastructure that enables small and medium-sized enterprises (SMEs) to access capital through the same digital workflows where they buy, sell, collect, and operate, SILQ announced in a press release today.As the embedded finance platform of Saudi-based B2B enablement and fintech ecosystem SILQ, Fina embeds working capital directly into merchants' digital workflows, using real commercial activity, transaction data, and operational insights.Mohammed Aldossary, Co-founder of SILQ and CEO of SILQ Financial, affirmed that Fina was built to deliver financing that understands merchants' business, moves at their speed, and fits naturally into the digital workflows they already use.“Our partnership with Fasanara marks an important milestone in that journey. Their deep expertise in embedded finance makes them the right long-term partner to help more Saudi businesses access Shariah-compliant working capital that's embedded into the flow of commerce and delivered at the speed their businesses operate,” he added.For his part, Matt Kus, Partner and Head of Origination at Fasanara Capital, commented: “We are pleased to partner with Fina and support the continued development of embedded SME financing in Saudi Arabia. Access to working capital remains a critical priority for SMEs globally, and we believe technology-enabled platforms such as Fina can play an important role in helping merchants access financing in a more efficient and flexible way.”Building on the strength of its Saudi ecosystem, Fina is targeting the unlocking of SAR 3 billion in liquidity this year for more than 2,000 businesses, following the successful deployment of SAR 1.5 billion over the last 12 months. To date, SILQ has enabled more than SAR 20 billion in transaction volume across the Kingdom.
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