SAMA Licenses a New Payment Company

SAMA Licenses a New Payment Company

By Press Release, 05 September 2023

The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide e-wallet solutions.

With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA's regulatory sandbox.

This decision reflects SAMA's endeavor to support the payments sector, increase efficiency of financial transactions and promote innovative financial solutions for financial inclusion in Saudi Arabia.​

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions.

To view licensed and permitted financial institutions, visit SAMA's official website.

---

Send us your press releases to shareyournews@lucidityinsights.com

Related Report

Riyadh Startup Ecosystem

The Evolution of Saudi Arabia Startup Ecosystem 2010-2022

The first comprehensive overview of Saudi's startup ecosystem, its history, and its future. The Special Report hosts perspectives and insights from many of the country’s most active investors, highlights new investment trends, critical milestones hit by the Kingdom’s fast-growing startup ecosystem, and spotlights a handful of interesting startups coming out of the Kingdom. It is packed full of insights, data, and opinions from the thought leaders and market-makers in the Kingdom. Readers will gain a deep understanding of the unique factors driving Saudi Arabia's entrepreneurial spirit, the challenges faced by startups, and the opportunities that lie ahead. This report serves as an invaluable resource for anyone looking to navigate and invest in this vibrant and rapidly evolving market.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems