Following this development, Jeel Pay joined the ranks of seven authorised companies providing BNPL services in Saudi Arabia, contributing to a total of 58 licensed finance companies in the country. According to Zawya, this regulatory decision aligns with SAMA's commitment to supporting the finance and fintech sectors. The aim is to boost operational efficiency and introduce innovative financial solutions, fostering financial inclusion within the Saudi Arabian market.
SAMA underscores the significance of engaging exclusively with authorised financial institutions. Notably, other fintech entities, such as KadiPay in October 2023 and Tabby in July 2023, have also received permits for BNPL solutions. SAMA's strategic efforts include granting permits to BNPL platforms such as Tamara and MIS Forward, emphasising its support for the fintech sector.
The Saudi Central Bank's broader commitment to the fintech landscape involves significant financial investments. In March, the bank granted USD 80 million to the ‘Investment in Fintech VC Fund’ of Saudi Venture Capital, aimed at stimulating financing for startups and small to medium enterprises. This strategic investment is anticipated to contribute to the growth of the fintech ecosystem, which garnered USD 239 million in funding in 2022, as reported by venture data firm MAGNiTT and cited by arabnews.com
SAMA's officials affirmed in a July 2022 statement that the central bank's vision includes positioning Saudi Arabia as a regional fintech hub. This strategic direction is part of the broader Financial Sector Development Programme outlined in Vision 2030, with ongoing efforts to develop regulations addressing new business models and providing guidance to entrepreneurs in the payments, investments, and financing sectors.
Jeel Pay is a fintech firm that created a solution to streamline the payment and collection procedures within educational institutions.
In essence, JeelPay's system is able to facilitate the payment and collection process in educational institutions, where parents can pay the tuition fees on a monthly basis as a ‘Study Now Pay Later’ model, while schools can collect their money up-front instead of time-consuming collections.
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