Riyadh – Mubasher: Arab Sea Information System Company has received the Ministry of Commerce’s approval to establish Arab Sea Financial Company, according to a bourse filing on Sunday.

Last March, the listed firm obtained an initial approval for its plan to set up an e-payments company.

Arab Sea’s board had agreed in September 2020 to create a fully-owned limited liability company to be specialised in e-payments.

It is worth noting that trading the shares of Arab Sea Information System had been moved from the Saudi Exchange’s (Tadawul) parallel market (Nomu) to the main market as of 15 April 2020.