The Saudi Central Bank (SAMA) licensed ‘Rasid Payments Company for Financial Technology’ to provide payment solutions through point of sales (POS). This addition brings the total number of payment companies licensed by SAMA to 24, in addition to six companies granted in-principle approvals.SAMA remains focused on supporting and enabling the fintech sector within the regulatory and supervisory guidelines for enticing a new segment of investors and companies that could bring added value to the sector and the economy. SAMA’s active engagement in exploiting technology in financial services is aimed at contributing to the broader goals of Vision 2030.SAMA’s continuous support for payment services and fintech is in the context of increasing efficiency of financial transactions, and promoting innovative financial solutions for financial inclusion in the Kingdom. SAMA emphasizes the importance of dealing exclusively with licensed financial institutions. To view licensed institutions, visit SAMA’s official website.
Source: IBP