Arab Sea receives Commerce Ministry’s nod for digital payments unit

10/06/2021 Argaam

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co. (Arab Sea) received the approval of the Ministry of Commerce on June 10, 2021, to establish Arab Sea Financial Co., a closed joint stock company. 

 

The core requirements have been completed and the new firm is likely to be established in 2021, the company said a bourse filing today, June 10, 2021.

 

There are no costs associated and the financial impact, if any, will be announced later.

 

In September 2020, the company’s board of directors approved the setting up of a Riyadh-headquartered digital payments limited liability company.

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