Arab Sea kicks off operations of Arab Sea Financial

25/07/2023 Argaam

Arab Sea kicks off operations of Arab Sea Financial

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co. announced the launch of commercial operations of its subsidiary Arab Sea Financial Co. and the kick-off of its new identity "SeaPay", the company said in a statement to Tadawul today, July 25.

 

The subsidiary also implemented the first e-payment transaction on its platform today, said the company, clarifying that Arab Sea Financial is a financial payments firm, licensed by the Saudi Central Bank to provide secure e-payment services, contributing to the digital transformation of its customers.

 

In June, Arab Sea’s board of directors approved by circulation Arab Sea Financial’s request to raise its capital from SAR 5 million to SAR 15 million, through capitalizing the incorporation expenses, with the remaining amount covered from the former’s resources in order to support the subsidiary’s financial position, Argaam earlier reported.

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