Saudi Central Bank licenses new payment fintech company

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The Moyasar Financial Company is expected to provide ecommerce payment services. Creative Commons
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  • The total number of payment companies licensed by SAMA now stands at 16
  • This is in addition to nine companies that were granted an in-principle approval

The Saudi Central Bank (SAMA) has announced the licensing of a new payment financial technology company.

Named Moyasar Financial Company, the new entity is expected to provide ecommerce payment services.

This brings the total number of payment companies licensed by SAMA to 16, in addition to nine companies that were granted an in-principle approval.

This step is said to stem from SAMA’s role in promoting the development of the financial technology sector by allowing entry of new players and new products.

The aim is said to be to attract a value-adding new segment of investors and companies to strengthen and contribute to the growth of the sector in compliance with SAMA’s regulatory requirements.

This is apparently 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.

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