The Saudi Central Bank (SAMA) has licensed ‘Darb Pay for Information Technology’ to provide e-wallet solutions.
This decision underscores SAMA’s commitment to fostering growth and innovation within the payments sector.
By enhancing the efficiency and flexibility of financial transactions, SAMA aims to not only streamline processes but also encourage the development of new, innovative financial services.
The overarching goal is to promote greater financial inclusion, ensuring that individuals and businesses across all segments of society have expanded access to essential financial services, thus supporting a more inclusive and dynamic financial ecosystem.
Furthermore, SAMA emphasizes the importance of dealing with licensed or authorized financial institutions.
Darb Pay’s licensing to support finance sector
Darb Pay’s licensing is a significant step towards expanding digital financial solutions in Saudi Arabia. The company will play a key role in helping businesses, particularly those in the vehicle sector, digitize their payments, gain better financial control, and reduce operational inefficiencies.
Darb shared on LinkedIn that, “The Saudi Central Bank’s visionary leadership is the foundation stone for FinTech innovation across the Kingdom. At Darb Pay, we are excited to build on this, helping companies digitize their vehicle payments, gain greater financial control, and contribute to our nation’s ambitious vision.”
“We strongly believe it’s time for tech innovation to focus on the ‘real economy.’ These essential, field-based companies, the backbone of our vital sectors, deserve powerful digital solutions built specifically for their on-the-ground operations, solutions that support their growth and match their ambitions,” Darb added.
With Darb Pay for Information Technology, there are now 28 licensed companies offering payment services in Saudi Arabia, as per the statement.
In July, SAMA granted a license to Awn Alraidah Company, authorizing it to engage in consumer microfinance activities through financial technology (fintech). With this development, Awn Alraidah becomes the ninth company approved by SAMA to offer consumer microfinance solutions within the Kingdom.
