Saudi Central Bank licenses new fintech company 

Al-Hulul al-Shamilah Finance to offer payment services  

  
Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images

The Saudi Central Bank (SAMA) has announced the licensing of a new fintech company which will offer services through the country’s SADAD system, which facilitates bill payments in the kingdom. 

Al-Hulul al-Shamilah Finance is the 14th payment company licensed by SAMA, in addition to seven others which have been given “in-principle” approval. 

The Saudi Press Agency (SPA) said SAMA is promoting the development of the fintech sector with the aim of attracting “a value-adding new segment of investors and companies”. 

“This is in line with SAMA's role in enhancing financial stability and supporting opportunities for growth and economic development in Saudi Arabia, towards achieving the goals of the Kingdom's Vision 2030,” the state news agency said. 

(Writing by Imogen Lillywhite; editing by Cleofe Maceda) 

Imogen.Lillywhite@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021


More From Financial Services