Saudi Central Bank licenses Mobil Pay for finance and payments

Tuesday 29 March 2022 13:26 CET | News

The Saudi Central Bank (SAMA) has announced the licensing of a new company, Mobil Pay, for financing and electronic payments.

The newly licensed company is now eligible to provide e-wallet payment services in the Kingdom; and thus, bringing the total number of payment companies licensed by SAMA to 17, in addition to eight companies granted an ‘In-principle Approval’.

The central bank also kick-started the licensing of debt-based crowdfunding by granting ‘Lendo’, a closed joint stock company with a capital of USD 1.3 million, the license to conduct these kinds of financial activities within the Kingdom after a success trial ran through SAMA’s Regulatory Sandbox dedicated to innovative financial products and services within Saudi Arabia.

The Saudi Central Bank also followed-up on the licensing of Consumer Microfinance Activities by issuing a second license to ‘FinZey’, a closed joint stock company with a capital of USD 5.3 million specialised in this kind of financial activities.

SAMA reaffirmed that it is committed to supporting the sectors of finance and payments, increasing the effectiveness and flexibility of financial transactions, enabling and encouraging innovations in financial services, increasing the level of financial inclusion in the Kingdom, and enabling access to financial services to all segments of the Saudi society.

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Keywords: Saudi Central Bank, certification, regulation, financial inclusion, digital wallet
Categories: Payments & Commerce
Countries: Saudi Arabia
This article is part of category

Payments & Commerce