A mid-sized Fintech company in the MENA region, whose primary mission is to simplify payment management and operations for SMEs, the organization is based in UAE but has recently wanted to expand and enter the Saudi Market.
To be able to enter the Saudi Market the company has to comply with SAMA regulations to receive the license. The company was already approved by the Dubai Financial Services Authority. However, the Saudi Central Bank has a different regulation to comply with.
Despite the fact that the company Is a leading FinTech in MENA, the complexity and specificity of SAMA regulations posed a significant hurdle for them. The company required a comprehensive solution to navigate the regulatory landscape, manage compliance obligations, and ensure the protection of sensitive data. Additionally, as a multinational organization, due to that they needed a flexible approach to manage data segregation and compliance requirements across different jurisdictions.
The company relied on manual, time-consuming processes to achieve compliance, which proved to be ineffective and unsustainable in the long term. The top leadership in the organization noticed these challenges and realized that they need a more efficient solution that can help them achieve and maintain compliance, without draining their resources extensively and disrupting business growth.
The Fintech organization was able to achieve compliance with the SAMA framework efficiently while directing its resources to core business tasks and eliminating complexity for its security team. The company managed to achieve compliance while also improving its overall security posture with proactive, automated threat, incident, and event management.
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