Saudi Arabia 

Tamam is launching as the first digital microfinance firm in Saudi Arabia after receiving regulatory approval on January 2021. The Saudi Central Bank (SAMA) approved Tamam after 18 months of sandbox testing the fintech describes as “rigorous”. According to Tamam, its product produced “high product viability” and “strong demand” throughout testing. It subsequently gained Payment Card Industry Data Security Standard (PCI-DSS) accreditation. The firm’s app promises to provide Shariah-compliant consumer microfinance options in “less than five minutes”. Bader Al-Kharafi, Zain Group CEO, says innovation is key to his firm’s ongoing developments. “We look forward to increasing the number of consumers benefiting from micro-financing services.”

 Japan 

The Bank of Japan (BOJ) began experiments on Monday to study the feasibility of issuing its own digital currency, joining efforts by other central banks that are aiming to match the innovation in the field achieved by the private sector. The first phase of experiments, to be carried out until March 2022, will focus on testing the technical feasibility of issuing, distributing and redeeming a central bank digital currency (CBDC), the BOJ said in a statement. The BOJ will thereafter move to the second phase of experiments that will scrutinise more detailed functions, such as whether to set limits on the amount of CBDC each entity can hold.