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Monday, Nov 28, 2022

Saudi Central Bank licenses new fintech company to provide e-wallet service

Saudi Central Bank licenses new fintech company to provide e-wallet service

The Saudi Central Bank (SAMA) on Thursday announced the licensing of Smart Digital Payment company (Tiqmo), a new payment technology company, to provide E-wallet services.
This brings the total number of payment companies licensed by SAMA to 22. This is in addition to 5 companies that were granted in-principle approval.

The move comes as part of SAMA’s role to promote the development of the financial technology sector to ensure stability and growth in the sector. The new company will contribute to the sector’s growth while complying with SAMA’s regulatory requirements in line with the mandate to enhance overall financial stability and support greater opportunities under the Kingdom's Vision 2030.

SAMA reiterated its commitment to support and facilitate the development of the FinTech sector, encourage innovation and increase efficiency in financial transactions in a bid to boost financial inclusion in the Kingdom.

This also supports 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 Saudi society by promoting further innovations in technology-based financial services.

Meanwhile, SAMA emphasized the importance of dealing with licensed or authorized financial institutions alone.
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