Economy

SAMA licenses two fintech payment firms, bringing total to 21 

Follow-ups -eshrag News:

Fri, 2022-09-16 11:57

RIYADH: The Saudi Central Bank has licensed Arab Sea Financial Co. and Fatoorah as financial technology firms able to provide payment services for e-commerce.

This brings the total number of payment companies licensed by the central bank, also known as SAMA, to 21, with an additional five companies granted an “in-principle approval”, SAMA said in a statement on Thursday.

This move comes as part of SAMA’s role to promote the fintech sector development and ensure its ultimate stability and growth, while complying with its regulatory requirements.

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