Arab Sea in final stages of setting up e-payment services provider

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co. is in final stages of fulfilling the paperwork required by the Saudi Central Bank (SAMA) to obtain the final license for providing e-payment services.

The key requirements were completed, the company said in a statement to Tadawul, expecting to establish the company - Arab Sea Financial Co. - this year.

Moreover, Arab Sea added that no costs are currently incurred due to this event. The financial impact will be disclosed later on, the statement concluded.

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.