- SAMA Licenses Mala’a Information Technology to Provide Electronic Payment Services in Saudi Arabia
- The license is part of the Kingdom’s efforts to empower fintech companies, foster innovation, and enhance financial inclusion.
The Saudi Central Bank (SAMA) has granted Mala’a Information Technology a license to provide payment services through Payment Account Information Services (PAIS), one of the key services enabled by the Kingdom’s Open Banking framework.
The move increases the total number of licensed payment service providers in Saudi Arabia to 33.
The license is part of SAMA’s ongoing efforts to support and develop the Kingdom’s payments sector by enhancing the efficiency and flexibility of financial transactions while encouraging innovation in financial services.
The initiative also aims to strengthen financial inclusion and expand access to financial services across all segments of society.
SAMA emphasized the importance of dealing only with financial institutions that are licensed or authorized by the central bank. Customers can verify the licensing status of financial institutions through SAMA’s official website.
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