SAMA licenses 3 fintech firms as payment institutions

Saudi Arabian Monetary Authority (SAMA) announced the licensing of three payments companies as payment institutions (PI).

Skyband and Foodics were licensed as PIs through point of sales services, while NoonPay received PI through e-commerce payment gateway services, SAMA said in a statement today, Nov. 24, 2020.

Following this, the total number of fintech companies licensed by SAMA in the payment services increased to 11.

The decision is based on SAMA's mandate to license, control, and oversee the payments sector in the Kingdom. The step follows the issuance of the Payment Services Provider regulations on Jan. 30, 2020, which was followed by the licensing of payment services providers (financial technology institutions) with the aim to provide a competent regulatory framework that is capable of supporting innovation in the payments sector and financial technology, the statement said.

SAMA also stressed the importance of dealing with financial institutions licensed or authorized by it.