Saudi Arabia

Saudi Central Bank Grants Payment Licenses to Arab Sea Financial Company and Fatoraah

The Saudi Central Bank (SAMA) has granted e-commerce payment licenses to Arab Sea Financial Company and Fatoraah, bringing the total number of payment companies licensed by the central bank to 21 companies.

This comes in addition to five payment companies that have been granted “in-principle approvals”, as well as 38 companies operating under the central bank’s regulatory sandbox.

The Arab Sea Financial Company is a newly-established initiative under Saudi-listed information technology company Arab Sea Information Systems. Further information on Fatoraah could not be found.

SAMA emphasised the importance of dealing with financial institutions that comply with its regulatory requirements to ensure financial stability.

Separately, the central bank also announced that it has updated its regulatory sandbox framework to allow greater flexibility for local and international financial institutions applying to the programme.