The Saudi Arabian Monetary Authority (SAMA) announces the licensing of two payments companies; Tap and BrightWare. This comes after their successful graduation of SAMA regulatory sandbox. This decision is based on SAMA's mandate to license, control, and oversee the payments sector in the Kingdom as per the Council of Ministers Resolution No. 226 dated 2/5/1440 H.
This step from SAMA follows the issuance of the Payment Services Provider regulations on 5/6/1441H corresponding to 30/1/2020, which was followed by the licensing of payment services providers (Financial Technology Institutions). SAMA emphasizes its constant pursuit to support the payment and Fintech eco-system and to boost the level of effectiveness and flexibility of the financial transactions, as well as to enhance innovations in the provided financial services. This is being done while observing international standards and ensuring the financial stability and fair treatment of transactions. Furthermore, this comes in tandem with the aspirations of the Financial Sector Development Program, which is part of the Kingdom's Vision 2030, and to achieve one of the vision's most important strategical goals, which is moving to a cashless society.
