Two other companies obtain a license to provide payment services

RIYADH – The Saudi Central Bank (SAMA) has granted two new licenses to financial payment technology companies.

The two payment fintech companies licensed to provide e-commerce payment services are Arab Sea Financial Company and Fatoraah.

This brings the total number of payment companies approved by SAMA to 21, in addition to the 5 companies that have obtained “approval in principle”.

It is part of SAMA’s role to promote the development of the fintech industry to ensure the ultimate stability and growth of the industry.

This step aims to contribute to the growth of the sector while complying with SAMA’s regulatory requirements in line with SAMA’s mandate to improve overall financial stability and support greater opportunities of the Kingdom’s Vision 2030.

In this regard, SAMA reiterated its commitment to support and facilitate the improvement of the Fintech sector, encourage innovation and increase the efficiency of financial transactions with the aim of strengthening financial inclusion in the Kingdom.

It also supports the objectives of the Fintech strategy by making the Kingdom one of the world’s leading countries in the field, and it will contribute to the economic empowerment of Saudi society by promoting new innovations in technology-based financial services.

In the meantime, SAMA has stressed the importance of dealing only with licensed or authorized financial institutions. —SG

About Matthew R. Dailey

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