RIYADH: The Kingdom’s fintech sector is experiencing continued growth, with the Saudi Central Bank, known as SAMA, recently issuing licenses to two additional payment service providers.
Network International Arabia has been granted the right to operate in the Kingdom, enabling it to provide payment services via point-of-sale solutions.
In addition, SAMA also licensed Barraq to offer e-wallet services, increasing the number of companies authorized to provide payment services in the Kingdom to 27.
SAMA reaffirms its dedication to advancing the nation’s fintech sector as these licensing decisions underscore its efforts to bolster the payments industry, enhance the efficiency of monetary transactions, and foster innovative fintech solutions to achieve financial inclusion, the apex bank said in a statement.
The bank underscored that issuing permits to finance aggregation service providers is a significant step in realizing the goals of the fintech strategy and advancing the Kingdom’s position among the leading nations in the sector.
Fulfilling the goals of the Financial Development Sector strategy in line with Vision 2030 is a key factor for the bank, including the licensing of fintech firms. According to the strategy, there should be 150 active businesses by the end of 2023 and 525 by 2030.
Through the expansion of the industry, the bank aims to improve financial stability in the Kingdom and stimulate economic growth.
The strategy emphasized the need to manage the financial sector’s transformation, in line with Saudi Arabia’s goal of becoming a global leader in the fintech sector and achieving lasting economic impact.
It was also noted that this sector would account for 20 percent of overall foreign investment in the Kingdom.
