Money and business
It is affiliated with «Tele Communications» gets approval to practice the microfinance activity
The Etihad of Telecom Company, “Gu Telecom”, announced that its subsidiary, “The starting solutions for financing”, yesterday, obtained the initial approval of the Saudi Central Bank to practice the younger financing activity, with a capital of 20 million riyals.
The company said in a statement on Saudi Arabia’s circulation: The approval of the practice of microfinance activity, according to the regulations and regulations approved in the Kingdom of Saudi Arabia.
It should be noted that the company is in the process of completing all the necessary regulatory procedures to establish the starting solutions company for financing in accordance with the companies ’system with the Ministry of Trade and Investment and ending the establishment procedures according to the requirements of the central bank within six months from the date of the initial approval to obtain the official license to practice the mini -financing activity.
After obtaining the license and starting operations, the starting solutions company aims to provide an integrated set of innovative microfinance solutions, as part of the strategy of Etihad Telecom Company “Gu Telecom” to enhance digital financial services and enable customers to reach flexible and easy financing solutions.
The establishment of the starting solutions company for financing is in line with the vision of the Etihad Telecom Company “Gu Telecom” in diversifying the sources of revenue and enhancing the sustainability of business by providing advanced financial services that support digital transformation and keep pace with the aspirations of the market.
It is expected that this expansion will contribute to creating new opportunities that enhance the return on investment, to serve the interests of shareholders and those with relationship.
Any future developments will be announced regarding the obtaining of the starting solutions company to finance the final license from the Saudi Central Bank at the time.
The company said in a statement on Saudi Arabia’s circulation: The approval of the practice of microfinance activity, according to the regulations and regulations approved in the Kingdom of Saudi Arabia.
It should be noted that the company is in the process of completing all the necessary regulatory procedures to establish the starting solutions company for financing in accordance with the companies ’system with the Ministry of Trade and Investment and ending the establishment procedures according to the requirements of the central bank within six months from the date of the initial approval to obtain the official license to practice the mini -financing activity.
After obtaining the license and starting operations, the starting solutions company aims to provide an integrated set of innovative microfinance solutions, as part of the strategy of Etihad Telecom Company “Gu Telecom” to enhance digital financial services and enable customers to reach flexible and easy financing solutions.
The establishment of the starting solutions company for financing is in line with the vision of the Etihad Telecom Company “Gu Telecom” in diversifying the sources of revenue and enhancing the sustainability of business by providing advanced financial services that support digital transformation and keep pace with the aspirations of the market.
It is expected that this expansion will contribute to creating new opportunities that enhance the return on investment, to serve the interests of shareholders and those with relationship.
Any future developments will be announced regarding the obtaining of the starting solutions company to finance the final license from the Saudi Central Bank at the time.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
Follow Us
