The Saudi Central Bank (SAMA) announced the licensing of International Digital Solutions Company to provide electronic wallet service (electronic transfer and payment service) and Azm Fintech Company to provide payment services through (SADAD Bill Aggregation Services).
This step comes from SAMA’s supportive role to empower the financial technology sector by allowing the entry of new activities to strengthen and support the sector, and to attract a new segment of investors and companies to work seamlessly under its supervision. In this manner, the efficiency of the work of these companies is ensured by adhering to the regulatory and supervisory requirements related to corporate governance, risk and compliance management, and customer protection.
Moreover, the Saudi Arabia-based fintech Geidea has also acquired a license from SAMA, allowing it to process end-to-end payment solutions directly to merchants. The company has developed a tap-on-phone app feature, allowing merchants to accept contactless payments.
The Saudi Central Bank confirmed its continuous efforts to support the payments companies and financial technology sector, as it is in line with its role to enhance financial stability and support opportunities for economic growth and development of the Kingdom. Hence, the country will be one step closer to achieving its goals for Vision 2030.