Two new payment technology companies were given licences to operate in the Kingdom, the Saudi Central Bank announced on Sunday.
Marta Financial Co. acquired a licence to offer payment services through points of sale, and Enjaz Payments Services Co. received a licence to offer electronic wallet service.
Together with the seven businesses that were granted in-principle approval, this brings the total number of payment companies that SAMA has licenced to 19 in total.
According to a press release, this is part of SAMA’s responsibility to encourage the growth of the financial technology sector in order to guarantee its long-term stability and expansion by recruiting new players and investors.
SAMA, meanwhile, emphasises the significance of only doing business with financial institutions that are licenced or permitted, it was said.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.