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.
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