SAMA Grants HyperPay a License to Expand Digital Payment Services in in MENA
- The Saudi Central Bank Grants a License to HyperPay
- The license aligns with Saudi Arabia’s Vision 2030 goals
- Efforts by the Saudi Central Bank to expand digital payment services in the region
Saudi Central Bank (SAMA) has granted a license to HyperPay, a leading digital payment provider in the Middle East and North Africa (MENA) region.
This move aims to diversify and advance the financial sector in Saudi Arabia.
Key License Provisions
Under the license, HyperPay will offer digital payment services through an electronic wallet within the Kingdom. This initiative aligns with the company’s strategy to enhance the digital payments market.
Speaking on the development, Muhannad Ebwini, Founder and CEO of HyperPay, stated:”Our goal is to empower businesses with secure and seamless payment solutions, in line with Saudi Arabia’s Vision 2030, which aims to improve financial system efficiency and support digital transformation.”
SAMA’s Fintech Goals
SAMA continues its efforts to support the fintech sector by enhancing the flexibility and efficiency of Saudi Arabia’s financial system.
Its initiatives aim to:
- Encourage innovation in financial services.
- Improve the experience of financial transactions.
- Promote financial inclusion by expanding access to financial services across all societal segments.
Collaboration with ACI Worldwide
On the sidelines of the Seamless Saudi Arabia 2024 conference, HyperPay announced a collaboration with ACI Worldwide to enable AI-driven innovations in payment solutions across the region.
IPO Plans
In 2023, HyperPay disclosed plans to launch an initial public offering (IPO) within two years.
This move aims to expand the company’s operations and solidify its footprint in the MENA region.