Arab Sea says e-payments unit obtains SAMA approval

Logo of Arab Sea Information Systems Co.

Arab Sea Information System Co.’s subsidiary, Arab Sea Financial Co., obtained, on Sept. 15, the Saudi Central Bank’s (SAMA) approval to engage in e- payment activities, according to a bourse filing. 

The company added that there are no costs associated with the event at present, and the financial impact will be announced later, the statement added.  

In January, Arab Sea said it was in the final stages of fulfilling the paperwork required by SAMA to obtain the final license for providing e-payment services, Argaam reported. 

In September 2020, Arab Sea’s board of directors approved setting up a digital payment services provider as a limited liability company in Riyadh, Argaam earlier reported. 

The company also received the approval of the Ministry of Commerce on June 10, 2021, to establish Arab Sea Financial Co., a closed joint stock, one-person company.