SAMA Licenses New Payment Company
The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide E-wallet solutions. With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA's regulatory sandbox.
This decision reflects SAMA's endeavor to support the payments sector, increase efficiency of financial transactions and promote innovative financial solutions for financial inclusion in Saudi Arabia.
SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA's official website.