The Saudi Central Bank (SAMA) announces the licensing of two payment financial technology companies, namely: Enjaz Payments Services Company to provide electronic wallet service (electronic transfer and payment service), and Marta Financial Company to provide payment services through points of sales (POS). This brings the total number of payment companies licensed by SAMA to 19 companies, in addition to 7 companies were granted an "In-principle Approval".
This comes as part of SAMA's role to promote the development of the financial technology sector to ensure ultimate stability and growth of the sector by enticing entry of new products and luring new players and investors. Holistic speaking, the step aims to bring in a value added bundle of privileges to contribute to the sector growth strengthen and contribute to the growth through improved compliance with SAMA's regulatory requirements in line with SAMA's mandates to enhance overall financial stability and support greater opportunities for potential growth and economic expansion in Saudi Arabia to realize the aspiring goals of the Kingdom's Vision 2030.
In this regard, SAMA reiterates its commitment to support and facilitate the upturn of Fintech sector, encourage innovation and increase efficiency in financial transactions in a bid to boost financial inclusion in the Kingdom.
Meanwhile, SAMA accentuates the importance of utterly dealing with licensed or authorized financial institutions.
For further details, please check SAMA's website.