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Saudi Central Bank Licenses A New Payment Financial Technology Company
The Saudi Central Bank (SAMA) announces the licensing of a new payment financial technology company, namely: Smart Digital Payment company (Tiqmo) to provide E-wallet services. This brings the total number of payment companies licensed by SAMA to 22 companies, in addition to 5 companies were granted an In-principle Approval.
This comes as part of SAMA’s role to promote the development of the financial technology sector to ensure ultimate stability and growth of the sector. This step aims to contribute to the sector growth while complying with SAMA’s regulatory requirements in line with SAMA’s mandate to enhance overall financial stability and support greater opportunities of the Kingdom’s Vision 2030.
In this regard, SAMA reiterates its commitment to support and facilitate the development of Fintech sector, encourage innovation and increase efficiency in financial transactions in a bid to boost financial inclusion in the Kingdom. This also support the objectives of the FinTech strategy by making the Kingdom one of the world’s leading countries in the field, and it will contribute to the economic empowerment of the Saudi society and its citizens by promoting further innovations in technology-based financial services.
Meanwhile, SAMA emphasizes the importance of dealing with licensed or authorized financial institutions.
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EXCLUSIVE: “Taking the Pain Out of Compliance” – Camillo Werdich, Sinpex in ‘The Fintech Magazine’
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Global Tech Leaders Unite to Propel Emerging Future-Critical Sectors at GITEX GLOBAL 2025
With capabilities of AI advancing every year, its potential to address challenges once thought unsolvable is rapidly expanding, from the possibility of curing genetic diseases to transforming urban mobility or enabling green data centres. With the global AI market set to reach $4.8 trillion by 2033 (UNCTAD), the race to deploy AI for critical sectors has never been more urgent. Against this backdrop, GITEX GLOBAL 2025 convenes as the world’s largest tech and AI event, with this year’s edition highlighting significant developments in biotech, physical AI, quantum computing, semiconductors, and data centres.
U.S. Bank Leverages Gen AI for Banking Services
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Two Thirds of Millennial Travellers Say Flexible Payments Are Their Deciding Factor When Choosing Airlines
New research commissioned by Affirm, the payment network that empowers consumers and merchants with flexible and transparent payment options, reveals that payment flexibility is now one of the most important factors influencing travellers when booking flights and holidays.
Big Issue Partners With fumopay To Roll Out New Way for Vendors To Take Cashless Payments via Open Banking
Big Issue has partnered with open banking payment provider fumopay to offer its vendors an innovative new way to take cashless payments.
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Together with Scan to Pay’s 650,000 merchants and Luno Pay’s existing network of over 30,000 merchants, this expansion unlocks access to major household retailers, including Checkers, Makro, Vodacom, and Shoprite, bringing crypto payments into the mainstream and marking a major step for cryptocurrency adoption.
More Rewards, More Flexibility: PayPal Introduces 5% Cash Back on Buy Now Pay Later Purchases this Holiday Season
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