Mambu, Ta3meed accelerate adoption of Islamic fintech
RIYADH, January 19, 2021
Mambu and Ta3meed have announced a strategic partnership to accelerate the development of Islamic fintech in Saudi Arabia.
Saudi Arabia has been transforming into an innovative fintech hub that is built on a strong ecosystem. In 2018, the Saudi Central Bank (Sama) launched a regulatory sandbox to support the development of fintech innovation in the kingdom. Since its launch, the regulatory sandbox received over 250 applications, accepted 40 and graduated 14 fintech solutions.
The fintech market in Saudi Arabia is expected to reach transaction values of over $33 billion by 2023.
To contribute to this ecosystem, Mambu, a pure SaaS banking platform, and Ta3meed, a leading Islamic Fintech in trade finance in Saudi Arabia, today announced that the two companies have entered into a strategic partnership agreement to deliver innovative digital Islamic Financing for SMEs and investors in the region.