SAMA licenses Arab Sea Financial, Fatoorah as fintech payment firms

Logo of the Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) announces licensing Arab Sea Financial Co. and Fatoorah as payment financial technology (fintech) firms to provide Payment services for E-commerce.
 

This brings the total number of payment companies licensed by SAMA to 21 companies, in addition to five companies were granted an "in-principle approval", SAMA said in a statement.
 

On Sept. 17, 2020, Arab Sea Information Systems Co.’s (Arab Sea) board of directors approved the establishment of Riyadh-headquartered digital payments limited liability company, Argaam reported.

This move comes as part of SAMA's role to promote the development of the financial technology sector to ensure ultimate stability and growth of the sector.

This step aims to contribute to the sector growth while complying with SAMA's regulatory requirements in line with SAMA's mandate to enhance overall financial stability and support greater opportunities of the Kingdom's Vision 2030.

Meanwhile, SAMA emphasizes the importance of dealing with licensed or authorized financial institutions.