The Saudi Central Bank (SAMA) has issued a license to Smart Digital Payment company (Tiqmo), a new payment technology company, to provide e-wallet services in the kingdom.
The app is designed to be ease to use, fast, safe, and connect with friends and family. It can be used for many things, like entertainment and gaming vouchers, utility, mobile top-up and many more. The latest move brings the total number of payment companies licensed by SAMA to 22. This is in addition to 5 companies that were granted in-principle approval (IPA).
The move comes as part of SAMA’s role to promote the development of the financial technology sector to ensure stability and growth in the sector. The new company will contribute to the sector’s growth while complying with SAMA’s regulatory requirements in line with the mandate to enhance overall financial stability and support greater opportunities under the Kingdom’s Vision 2030.
SAMA reiterated its commitment to support and facilitate the development of the FinTech sector, encourage innovation and increase efficiency in financial transactions in a bid to boost financial inclusion in the Kingdom.
This also supports the objectives of the FinTech strategy by making the Kingdom one of the world’s leading countries in the field, and it will contribute to the economic empowerment of Saudi society by promoting further innovations in technology-based financial services.
In March, SAMA granted a license to ‘Moyasar Financial Company’ to provide eCommerce payment services. It aims to provide ePayment solutions to government agencies, private companies, or small firms, with superior user experience.