The Saudi Central Bank (SAMA) has granted a license to “Smart Interaction for Digital Brokerage (SIDB),” allowing fintech companies in the Kingdom to offer finance aggregation services. SIDB is the third (3rd) financing aggregator company that received a license from Saudi Arabian Monetary Agency (SAMA). This announcement further cement's SAMA's dedication to strengthening the capabilities of the financial sector and promoting innovation to enhance financial inclusion in Saudi Arabia. SIDB is launching Qardi Platform which would target the SME market and help address the financial gap in this market segment.

The initial stage of Qardi's development journey was meticulously carried out, ensuring complete alignment with SAMA's guiding principles of transaction efficiency and the promotion of financial inclusion in Saudi Arabia. During the early phases, Cykube consultants collaborated closely with SIDB Executive and Technology team to map out the entire customer journey for finance aggregation services, while also ensuring compliance with local Saudi requirements. The subsequent stages leading up to the launch of Qardi aim to uphold SAMA's dedication to advancing the capabilities of the financial sector in the Kingdom and specially supporting the needs and requirements of SME sector.

Saud Al Harkan, CEO of SIDB expressed his gratitude that this progress is a manifestation of SAMA's dedication to advancing the capabilities of the financial sector, optimizing the efficiency of financial transactions, and encouraging innovative financial solutions to bolster financial inclusion in Saudi Arabia. Saud also thanked Cykube team for their dedication and commitment during the development of Qardi platform.

Sharjil Ahmed, the CEO of Cykube, expressed, "SIDB's initiative to introduce the Qardi platform for SMEs in the Kingdom, aiming for ease, efficiency, and a seamless experience, aligns with the Saudi Vision 2030." He added that working with the highly energetic and professional team at SIDB has been a wonderful experience, contributing to the successful development of the Qardi platform.

About SIDB:

Established on 7/05/1442 as a Financial Technology (FinTech), Smart Interaction for Digital Brokerage (SIDB) is a closed joint stock company under the laws of the Kingdom of Saudi Arabia.

About Cykube:

Cykube Ltd. is a technology company Headquartered in London and with a regional office Registered in Riyadh, Kingdom of Saudi Arabia licensed by Ministry of Investment (MISA), specializing in FinTech solutions that drives strong financial impact and inclusion with sustainability. For any further queries, please contact Cykube team at contact@cykube.com