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SAMA licences three FinTech companies as payment institutions

SAMA licences three FinTech companies as payment institutions
The move comes in continuation of SAMA’s efforts to enhance the FinTech sector.

Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has licenced three financial technology (FinTech) companies as Payment Institutions (PI), bringing the total number of licenced companies to 11.

Skyband and Foodics have been licenced as a PI through point of sales (POS) services, while NoonPay was licenced as a PI through e-commerce payment gateway services, according to a press release on Tuesday.

The move comes in continuation of SAMA’s efforts to enhance the payment and FinTech sector while upgrading the financial services provided.