Saudi Arabia increases licenses for fintech companies to boost payments |

Saudi Arabia increases licenses for fintech companies to boost payments |
Saudi Arabia increases licenses for fintech companies to boost payments |
Riyadh- The Saudi Arabian Monetary Agency (SAMA Central Bank) announced the licensing of three new financial technology companies in the field of electronic payments, namely the Sky Band Financial Company (Sky Band) to provide payment services through point of sale devices, and the Noon Digital Payments Company (Noon Pay) to provide services. Payments through the electronic payment gateway service, and the digital color company for information technology “Foodex” to provide payment services through the point of sale device service, thus bringing the total number of payment companies licensed by the institution in the financial technology sector – payments – to date 11 companies.

This step comes; Complementing the efforts of the Monetary Agency in the context of enhancing the activity of the financial technology sector and pushing towards improving the services provided in the financial sector.

Based on the institution’s jurisdiction, it undertakes licensing, control and supervision procedures for the payments sector in the Kingdom with the aim of providing a regulatory framework that supports innovation in the payments sector and financial technologies.

The Saudi Arabian Monetary Agency stressed the importance of dealing with licensed or authorized financial institutions.

The challenges posed by the epidemic have accelerated the Saudi government’s plans to consolidate the electronic payment experience in commercial transactions, especially in the retail sector, after it exceeded the planned targets.

11 is the number of payment companies licensed by the Saudi Arabian Monetary Agency in the financial technology sector

Fears about the spread of the epidemic during the first epidemic wave led to the entry of Saudis and residents to use electronic payment methods provided by the Saudi Arabian Monetary Agency in cooperation with all concerned parties, including banks and commercial sectors.

The latest indicators confirmed that Saudi Arabia has exceeded the expected goals of the financial system development program set by the end of this year, especially related to the electronic payment mechanism, which reflects the success of the government’s reform plans, which affected all non-oil sectors.

The Saudi Payments Company, which is wholly owned by the Arab Monetary Agency, is aware of the importance of this stage, which requires strict follow-up of health guidelines to avoid the spread of the virus, especially as it has been entrusted with developing the infrastructure for digital trade in the country.

Consumers can benefit from these platforms, which are the operator of local payment systems, by standardizing online payment gateways, enabling more than 23 million mada card holders, for example, to access e-commerce platforms during curfew times.

The official news agency previously reported that last May, the total value of online sales increased to 3.7 billion riyals (990 million dollars), by 18.1 million transactions.

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