From licensing to growth:
Our solutions cut the fintech journey in half.
Saudi expertise in compliance, cybersecurity, and customer trust — tailored specifically for the fintech sector
In a rapidly growing market like Saudi Arabia’s fintech sector, technology alone isn’t the differentiator — it’s how well it aligns with local regulations, data security, and customer trust. EJADA delivers end-to-end solutions from licensing to scale, backed by over 20 years of experience enabling digital transformation across the Kingdom
Frequently Asked Questions (FAQ)
What are the key mistakes that delay fintech companies from obtaining their license?
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Ignoring the preparation of the “sandbox” regulatory readiness documents before applying — essential Saudi Central Bank (SAMA) requirements are often overlooked. This results in delays of several months and the need to resubmit documents after review.
EJADA’s Solution:
We provide pre-built documentation packages that include:
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An operational policies manual aligned with SAMA requirements
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A risk management plan template
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Sandbox environment documentation with a complementary gap analysis before submission
Can we begin technical development before obtaining the license?
Yes, provided that all development takes place in an isolated Dev/Test environment that is completely separated from real customer data.
Recommendation:
Use a microservices architecture and flexible container-based environments to ensure services can be quickly migrated to production once the license is approved.
What are the main mistakes that delay fintech companies from obtaining a license?
Proposed Approach:
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Integration with Nafath Portal:
Instant user identity verification through the National Single Sign-On (Nafath).
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Visual Guidance:
A short explainer video (30–45 seconds) illustrating the registration steps and required documents.
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Multi-step Verification:
Using OTP via mobile and email to ensure security.
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Expected Outcome:
Increased registration completion rates and a reduction in support inquiries by up to 30%.
What is the best way to showcase security certifications to build trust?
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Using Interactive Badges:
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Display encryption-themed icons, such as a lock symbol with a clickable label like “AES-256 Encrypted.”
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Show a pop-up window that explains the issuing authority, certification details, and expiration date.
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Key Advantage:
Link these badges to an in-app “Security Overview” page that includes screenshots, summaries of security policies, and implemented procedures.
How do we protect API interfaces from breaches?
Centralized API Gateway:
Controls access and enables rapid enforcement of security policies.
Weekly patching:
Apply security updates immediately upon release to cover newly discovered vulnerabilities.
Least privilege principle:
Limit token permissions for each service to the minimum required.
End-to-end encryption:
Encrypt data in transit (TLS 1.2+) and at rest (AES-256).
Regular penetration testing:
Conduct monthly external penetration tests with a clear remediation report.
What is the cost of negligence in cybersecurity for a fintech startup?
Estimated fines and compensations:
Regulatory penalties may range from 300,000 to 2 million SAR, depending on the size of the breach and the type of data affected.
Data recovery and investigation costs may exceed an additional 1 million SAR.
Reputation impact: Loss of customer trust and a decline in retention rates may lead to long-term operational losses.
How long does it take to integrate our services with local banks?
Standard procedure:
It typically takes 3–6 months to complete technical integration, which includes:
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Service Level Agreement (SLA)
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Secure connection testing
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Passing regulatory compliance tests
With EJADA’s ready-made solutions and components:
We complete the integration in 4–8 weeks, thanks to our libraries and modules developed according to regulatory and banking standards.
Do your solutions support the local cloud?
Yes, all our solutions comply with Saudi data localization requirements and are hosted in local data centers within the Kingdom. They also fully comply with the Saudi Personal Data Protection Law (PDPL).
How do we prepare for future regulatory updates?
Ejada provides you with a suite of regulatory monitoring services that cover:
Benefit: You can quickly adjust your policies and avoid regulatory risks.
What are the main tools for measuring the success of digital transformation?
We recommend the following tools:
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Retention Rate: An indicator of customer satisfaction and continuity.
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Transaction Time: Measures performance before and after improvements.
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Net Promoter Score (NPS): Reflects the likelihood of customers recommending your services to others.
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Error Rate: The number of failed transactions relative to the total attempts.
How do we build an Incident Response Plan (IRP) in fintech?
Core components:
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Response team: Define roles and responsibilities (SOC, Legal, PR).
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Reporting workflow: Steps for internal and external notifications (SAMA, NCA).
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Simulation exercises: Run real-world scenarios every 6 months to refine procedures.
What are the best practices for managing sensitive customer data?
- Segmentation and inspection: Store critical data in separate databases.
- Periodic access reviews: Conduct weekly reviews of access permissions and adjust them immediately when necessary.
- End-to-end encryption: Protect data from the client to the server and vice versa.
Do you have a more specialized question about the FinTech sector?
Ejada’s experts are ready to support you at every stage of your journey — from licensing to expansion.
