The Saudi Arabian Monetary Authority (SAMA) announced the licensing of three payments companies as Payment Institutions (PI); Skyband as a (PI) through point of sales services, NoonPay as a PI through e-commerce payment gateway services, and Foodics as a (PI) through point of sales services. With the recent licenses, the total number of Fintech companies licensed by SAMA in the payment services increased to 11.
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. The step by 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) With the aim to provide a competent regulatory framework which is capable of supporting innovation in the payments sector and financial technology.
To that extent, SAMA stresses on the importance of dealing with financial institutions that are licensed by the relevant authority. For more information on the licensed financial institutions, please visit SAMA's website on www.sama.gov.sa .