Saudi-based Al Moammar Information Systems Co (MIS) will launch a buy-now-pay-later app and an e-marketplace as part of a fully owned subsidiary, after approval from its board of directors.

The Tadawul-listed company said it had signed an agreement, now approved by the board, with an unnamed European fintech company, under which the two ventures will be ready in the first half of 2022.

Other endeavours under the subsidiary will be the Venture Studio, to be launched by the end of 2021, to support creative development, as well as studying and developing the launch of open banking apps, to be launched in 2022, in the event that the enterprise passes technical and regulation application and approvals from the Saudi Central Bank.

In a statement to the Saudi Stock Exchange, the company said the initiative is in line with a diversification strategy which will contribute to Saudi Arabia’s Vision 2030.

(Reporting by Imogen Lillywhite; editing by Daniel Luiz)

Imogen.lillywhite@refinitiv.com

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