Riyadh, The Saudi Central Bank (SAMA) has announced the licensing of a new financial technology company in the field of payments, named: “al-Hulul al-Shamilah Finance” to provide payment services through SADAD Payment System (SADAD). This brings the total number of payment companies licensed by SAMA to 14, in addition to 7 companies that were granted an “In-principle Approval”.
This step stems from SAMA’s role to promote the development of the financial technology sector by allowing the entry of new players. The aim is to attract a value-adding new segment of investors and companies to strengthen and contribute to the growth of the sector, through compliance with SAMA’s regulatory requirements. This is in line with SAMA’s role in enhancing financial stability, and supporting opportunities for growth and economic development in Saudi Arabia, towards achieving the goals of the Kingdom’s Vision 2030.
SAMA has reaffirmed its efforts to support and facilitate the development of payment companies and the financial technology sector, encouraging innovation in financial services, and increasing efficiency in financial transactions, including enhancing the level of financial inclusion in the Kingdom, with the objective to provide access to financial services to the community.
SAMA also emphasized the importance of exclusively dealing with licensed or authorized financial institutions. For further details, please visit SAMA’s website.
Source: Saudi Press Agency
