Almadina, 30 July 2023: The Saudi Central Bank SAMA has approved the insurance financial technology rules. This follows a public consultation on the draft rules through the “Istitlaa” platform.
The changes are a result of the emergence of a number of insurance financial technology companies that are providing various products and services.
The rules protect the rights of those dealing with insurance financial technology practitioners and encourage fair competition in providing technical solutions and services, in order to support the growth and stability of the sector.
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