Money & BusinessSaudi Arabia
Saudi: New payment financial technology company licensed
The Saudi Central Bank (SAMA) has announced the licensing of a new financial technology company in the field of payments, named: “al-Hulul al-Shamilah Finance” to provide payment services through the SADAD Payment System.
The aim is to attract a value-adding new segment of investors and companies to strengthen and contribute to the growth of the sector, through compliance with SAMA’s regulatory requirements. This is in line with SAMA’s role in enhancing financial stability, and supporting opportunities for growth and economic development in Saudi Arabia, towards achieving the goals of the Kingdom’s Vision 2030.
SAMA has reaffirmed its efforts to support and facilitate the development of payment companies and the financial technology sector.