HyperPay secures licence from SAMA to scale digital payments in Saudi Arabia

The move falls in line with HyperPay’s strategy to support the digital payment market, with the company being set to operate digital payment services through an economic wallet in Saudi Arabia.

HyperPay’s expansion in Saudi Arabia

This achievement comes as part of SAMA’s plans to assist the financial technology sector, as the regulator continues to focus its efforts on scaling the efficiency and flexibility of the financial landscape in the region. At the same time, providing HyperPay with the licence plans to facilitate advancement and optimise the experience of financial transactions, supporting financial inclusion and offering financial solutions to several segments.

Furthermore, commenting on the news, representatives from HyperPay underlined that this step enables their company to allow businesses to benefit from secure and simplified payment services, while also considering the objectives set out by Saudi Arabia’s Vision 2030 to scale efficiency in the financial system and support digital advancement.

Back in March 2023, HyperPay announced its intention to go public through an initial public offering (IPO) in Saudi Arabia by 2025. The move came as part of the company’s expansion plans within the Saudi Arabian and MENA fintech markets, with it intending to become the preferred payment tool for organisations globally by having its product and service offerings diversified.

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