Saudi Arabia

Saudi Central Bank licenses 3 new fintech companies

The Saudi Central Bank (SAMA) announced licensing of three new companies specialized in finance and electronic payments, during the Global Entrepreneurship Congress sponsored by Crow Prince Muhammad Bin Salman, , deputy prime minister and minister of defense.

The conference held from March 27-30, 2022 in Riyadh, under the slogan “Reboot, Rethink and Regenerate,” is organized by the Small and Medium Enterprises General Authority (Monsha’at) in cooperation with the Global Entrepreneurship Network (GEN).

SAMA stated that the license was granted to a new financial technology company specialized in electronic payments named Etihad Fintech Company “Mobily Pay”.

The newly licensed company is now eligible to provide e-wallet payment services in the Kingdom; and thus, bringing the total number of payment companies licensed by SAMA to 17, in addition to eight companies granted an “In-principle Approval”.

The Saudi Central Bank also followed-up on the licensing of Consumer Microfinance Activities by issuing a second license to “FinZey” — a closed joint stock company with a capital of SR20 million specialized in this kind of financial activities.

These initiatives come as part of SAMA’s role in strengthening the sectors of finance and payments-processing services by allowing them to engage in new activities and to entice a wider pool of investors and companies, while ensuring efficient operation by adhering to SAMA’s control and supervisory requirements related to corporate governance and risk management, as well as displaying commitment to consumers and seeking to guarantee their protection.

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Source
Saudi Gazette

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