|25 February, 2020

Saudi SAMA announces licensing of HalalaH and BayanPay

BayanPay and HalalaH are now part of SAMA’s digital regulatory sandbox, that operate digital wallets and facilitate procedures

Image used for illustrative purpose. Cropped shot of two colleagues using a digital tablet together during a collaboration at work.

Image used for illustrative purpose. Cropped shot of two colleagues using a digital tablet together during a collaboration at work.

Gettyimages

RIYADH: The Saudi Arabian Monetary Agency (SAMA) has announced the licensing of two digital wallet companies, bringing the number of authorized payment companies to four in the financial technology sector.

BayanPay and HalalaH are now part of SAMA’s digital regulatory sandbox, that operate digital wallets and facilitate procedures related to monetary services and products in the Kingdom.

This step came after the issuance of the regulations on Jan. 30, 2020, which was directly followed by the licensing of the first two payment services providers.

SAMA highlighted its efforts to enhance innovation in financial services came in accordance with international standards and ensuring the financial stability of the sector, which is part of the Kingdom’s 2030 Vision aims to move Saudi Arabia to a cashless society.

Copyright: Arab News © 2020 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.