The Saudi Central Bank (SAMA) has granted two licenses to International Digital Solutions Co and Azm Fintech Co to provide payment services.
This brings the total number of payments companies licensed by SAMA to 13 companies.
This step comes from the central bank’s supportive role to empower the financial technology sector by allowing the entry of new activities to strengthen and support the payments sector.
The move also aims to attract a new segment of investors and companies to work under its supervision, and in a manner that ensures the efficiency of the work of these companies, by adhering to the regulatory and supervisory requirements.
The Saudi Central Bank cautioned the importance of dealing with licensed or authorized financial institutions, as this can be verified by visiting its website.