The Saudi Central Bank (SAMA) has granted a license to a new payment financial technology company, called “Moyasar Financial Company” to provide eCommerce payment services.
Based in Riyadh, Moyasar Financial Company’s mission is to provide ePayment solutions to government agencies, private companies or small firms, with superior user experience.
The new licensing brings the total number of payment companies licensed by SAMA to 16, in addition to 9 companies that were granted an “In-principle Approval”. Last month, the Central Bank had licensed a new payment financial technology named Waslah al-Dafa (Paylink) to provide online payment services.
The licensing of payment companies stems from SAMA’s role to facilitate the development of the financial technology sector by allowing the entry of new players and new products.
The Central Bank aims to attract a value-adding new segment of investors and companies to strengthen and contribute to the growth of the sector through compliance with SAMA’s regulatory requirements.
This is in line with SAMA’s role in enhancing financial stability and supporting opportunities for growth and economic development in Saudi Arabia to achieve the goals of the Kingdom’s Vision 2030.
SAMA reaffirms its commitment to support and facilitate the development of payments companies and the financial technology sector, encourage innovation in the financial services and increase efficiency in financial transactions, which contributes to achieving the objective of enhancing financial inclusion in the Kingdom.
Financial centers in the Gulf region are looking to develop a financial startup ecosystem to position themselves as the regional powerhouses of fintech firms.