RIYADH — The Saudi Central Bank (SAMA) announced the licensing of two payment companies as part of its efforts to achieve the objectives of the financial sector development program, which is one of the pillars of the Kingdom’s 2030 Vision.

The new licenses have been granted to International Digital Solutions Company to provide electronic wallet service (electronic transfer and payment service) and Azm Fintech Company to provide payment services through (SADAD Bill Aggregation Services).

This brings the total number of payments companies licensed by SAMA to 13 companies, in addition to two payments companies obtaining initial approval.

This step comes from the central bank's supportive role to empower the financial technology sector by allowing the entry of new activities to strengthen and support the sector, and to attract a new segment of investors and companies to work under its supervision in a manner that ensures the efficiency of the work of these companies.

These firms, however, must adhere to the regulatory and supervisory requirements related to corporate governance, risk and compliance management, and customer protection in line with the role of the Central Bank in enhancing financial stability and supporting opportunities for growth and economic development in the country toward achieving the goals of the Kingdom's Vision 2030.

The Saudi Central Bank confirmed its continuous efforts to support the payments companies and financial technology sector, raise the level of effectiveness and flexibility of financial transactions, in addition to enabling and encouraging innovation in the financial services provided, in order to achieve its goals to enhance the level of financial inclusion in the Kingdom and to enable easy and safe access to financial services to all Community layers.

The Saudi Central Bank cautioned the importance of dealing with licensed or authorized financial institutions, as this can be verified by visiting the Saudi Central Bank website www.sama.gov.sa. — SG