UAE – Mubasher: Finablr’s network brand BayanPay, a Saudi Arabia-based digital payment solutions provider, has been granted a licence by the Saudi Arabian Monetary Authority (SAMA) to provide digital wallets, e-commerce, and small- and medium-sized enterprise (SME) payments gateway solutions to customers. 

Through the new licence, the UAE-based platform for payments and foreign exchange solutions is expanding its digital services and offering local and international payments in Saudi Arabia, according to a recent press release.

In this regard, Finablr’s group CEO, Promoth Manghat, said: “Through BayanPay, Finablr will support the Kingdom’s strategic objectives of becoming a cashless society, one of the goals of the Financial Sector Development Program under Saudi Vision 2030.”

Meanwhile, the chairman and founder of BayanPay, Fahad Al Fawaz, referred: “Finablr’s experience, expertise, and global network, underpinned by its technology leadership, will enable BayanPay to take the next step in becoming a leading player in Saudi Arabia’s digital payments space.”

Under Saudi Vision 2030, the kingdom aims to increase non-cash payments for the retail sector to 70% of all payments by 2030 from 36% in July 2019.