Saudi Central Bank Licenses Two New Payment Firms

The Saudi Central Bank (SAMA) has recently granted licenses to two new companies, expanding the Kingdom's rapidly growing financial sector. "Hiberbay Ink Al-Saoudia for IT Systems" has been authorized to offer E-wallet solutions, marking it as one of the 27 licensed payment service providers in Saudi Arabia. This move reflects SAMA's ongoing commitment to fostering innovation and enhancing the efficiency of financial transactions within the Kingdom.

The decision is aligned with Saudi Arabia's broader efforts to promote financial inclusion and modernize its payment infrastructure. SAMA emphasized the importance of conducting business only with authorized financial institutions to ensure the security and integrity of the country's financial ecosystem.

In addition, SAMA also licensed "Tal Finance" to provide debt-based crowdfunding solutions. With this new approval, there are now 12 authorized companies offering debt-based crowdfunding services in Saudi Arabia, bringing the total number of licensed finance companies in the country to 62. The central bank's actions are part of its broader strategy to support the growth of the financial industry and improve the overall efficiency of monetary transactions, while ensuring greater access to financial services in the region.