The Saudi Central Bank (SAMA) announces the licensing of a new payment financial technology company, named: Moyasar Financial Company to provide E-commerce payment services. This brings the total number of payment companies licensed by SAMA to 16 companies, in addition to 9 companies were granted an "In-principle Approval".
This step stems from SAMA's role to promote the development of the financial technology sector by allowing entry of new players and new products. 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 to achieve goals of the Kingdom's Vision 2030.
SAMA reaffirms its commitment to support and facilitate the development of payments companies and financial technology sector, encourage innovation in the financial services and increase efficiency in financial transactions, which contributes in achieving the objective of enhancing the financial inclusion in the Kingdom.
SAMA emphasizes the importance of dealing with licensed or authorized financial institutions.
For further details, please check SAMA's website.