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05-04-23

Saudi Central Bank Issues License to Rasid Payments for Digital Payment Solutions

(MENAFN) In a move to promote digital financial services, the Saudi Central Bank has granted another license to Rasid Payments Co. for Financial Technology. This license will enable the company to provide payment solutions through point-of-sales devices. The total number of payment companies licensed by the Saudi Central Bank, also known as SAMA, now stands at 24, with another six companies granted "in-principle approvals," according to a statement issued on Monday. The central bank's move is part of its role to support and promote the development of the fintech sector and ensure its stability and growth.

SAMA remains focused on supporting and enabling the fintech sector within regulatory and supervisory guidelines to entice a new segment of investors and companies that could bring added value to the sector and the economy, said a statement on the bank's website. Last month, the central bank granted Creative Future for Digital Brokerage a license to carry out finance aggregation services in the Kingdom. In February, Riyadh-based fintech firm Raqamyah also received a license from SAMA to offer its debt-based crowd-lending solutions to small and medium enterprises.

The bank's licensing of fintech companies contributes to achieving the objectives of the Financial Development Sector strategy aligned with Vision 2030. The strategy aims to bring the total number of operating fintech companies to 150 by the end of 2023 and to 525 by 2030. SAMA's continuous support for payment services and fintech is aimed at increasing the efficiency of financial transactions and promoting innovative financial solutions for financial inclusion in the Kingdom. The license to Rasid Payments Co. for Financial Technology is a positive step in achieving the objectives of the Financial Development Sector strategy aligned with Vision 2030.
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