Regulatory Alerts2020-04-01
Tamweel Electronic Portal Approved by the Public Authority for Small and Medium Enterprises (Munshaat)
The Saudi Central Bank (SAMA) issued this circular to direct licensed financing entities and banks operating in the Kingdom to deliver MSME financing services through the officially approved "Tamweel" electronic portal. The directive mandates that these entities process portal-submitted applications within specified timeframes to leverage the platform's competitive advantages, which span diverse geographical regions and reduce administrative overhead. Ultimately, this measure aims to accelerate lending and investment rates for micro, small, and medium enterprises while advancing Saudi Vision 2030's economic growth objectives.
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