Riyadh, Saudi Arabia – 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.
SAMA is endeavoring 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.
Earlier, last week, Saudi Central Bank called for a public consultation on the draft rules governing the calculation of the APR.
The APR is a fixed interest rate for an entire year and offers a complete picture of what consumers will pay for a loan.
The apex bank has invited its stakeholders and the public to send suggestions and observations on the proposal via its public consultation platform.
The move followed SAMA’s decision to raise its key interest rates by 25 basis points on July 26.