Saudi Central Bank issues 2 new licenses

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.