The Saudi Central Bank (SAMA) licensed a new payment financial technology company, "Moyasar Financial Company" to provide E-commerce payment services.
With Moyasar, the total number of payment companies licensed by SAMA reaches 16 companies, in addition to nine companies that were granted an "in-principle approval."
Moyasar provides e-payment solutions that significantly match the current needs of the client's online store.
The new license comes from SAMA's role to promote the development of the financial technology sector by allowing the entry of new players and products.
It aims to attract a value-adding new segment of investors and companies to strengthen and contribute to the sector's growth through compliance with SAMA's regulatory requirements.
SAMA plays a role in enhancing financial stability and supporting opportunities for growth and economic development in Saudi Arabia to achieve the goals of Vision 2030.
SAMA reaffirms its commitment to support and facilitate the development of payments companies and the financial technology sector, encourage innovation in financial services, and increase efficiency in financial transactions, which contributes to enhancing financial inclusion in the Kingdom.
Moyasar stated that its e-payment solutions are designed to offer: rich and flexible features, become usable and intuitive, provide in detail reporting to allow an instant and deep understanding of how the business runs, facilitate seamless integration with a large number of back-office systems, and ensure a high level of security and privacy protection.