MIS contracts European fintech firm to develop applications

Logo of Al Moammar Information Systems

Al Moammar Information Systems Co. (MIS) signed a binding agreement with a European financial technology (fintech) company to develop several applications for the Tadawul-listed firm.  

In a bourse statement today, Oct. 6, MIS said the agreement covers the development of a venture studio that will be ready by year-end to support creative development ideas; a “buy now, pay later” (BNPL) application, and an e-market platform and application, which are both expected to be launched during H1 2022.  

Under the agreement, the fintech firm will also study developing and launching an open banking application. It is expected to be launched during the second half of 2022, subject to clearance of the technical and regulatory  requirements, and obtaining the necessary approvals and licenses from the Saudi Central Bank (SAMA) and the relevant authorities.  

The initiative is in line with MIS’ ambitious resilient strategy that aims to diversify sources and expand work fields, which will contribute to boosting the national economy in accordance with Vision 2030. 

In September, MIS board of directors approved establishing a new 100%-owned subsidiary in Riyadh. The new entity will specialize in developing and providing solutions and services in FinTech and e-markets, Argaam reported.