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Bahrain-founded fintech infrastructure company Tarabut has secured $50 million in strategic funding with the participation of Riyad Bank and regional investors, in a deal still awaiting regulatory approvals, including approval from the Saudi Central Bank. The company will use the capital to expand its operations in Saudi Arabia and develop financing tools for small and medium-sized enterprises.
The first annual FRA-Sandbox Summit reviewed the results of a year of work by the regulatory laboratory for non-bank financial fintech, including receiving 49 projects, granting preliminary approval to 9 projects, and moving two projects to live testing. In the next phase, the authority is focusing on artificial intelligence and digital analytics solutions while tightening compliance and data protection requirements.