Riyadh – Mubasher: Arab Sea Information System Company has obtained an initial approval for its plan to establish an electronic payments (e-payments) company, the company disclosed to the Saudi Stock Exchange (Tadawul) on Monday.

The statement revealed the issuance of the initial approval for the license to Arab Sea to create an e-payments company, according to the Central Bank letter to the Ministry of Commerce.

In September, the company’s board of directors approved creating a fully-owned limited liability company, headquartered in Riyadh, to be specialized in e-payments, after receiving the needed regulatory approvals.