Riyadh: The Saudi Central Bank (SAMA) said in a press release that it seeks public consultation on the draft of the Updated Rules for Engaging in Debt-Based Crowdfunding. In this context, SAMA invites stakeholders and the public for their suggestions and observations by visiting the "Istitlaa" public consultation platform.

This update aligns with SAMA's ongoing efforts to regulate debt-based crowdfunding institutions and support the financial-technology (FinTech) sector.

The updated rules allow institutional beneficiaries to secure financing appropriate to their size and activity as well as to enhance disclosure requirements.

Suggestions and observations will be received within 30 days from this announcement to assess their relevance in finalizing the draft. The updated rules are available on the public consultation platform hosted by the National Competitiveness Center at:  https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/DebtbasedCrowdfunding/Pages/default.aspx