The Saudi Central Bank (Sama) has granted licence to 'Alhulul AlMubassatah Financial Company (SiFi)' for lauching its e-wallet solutions in the kingdom. 

 

With this, the number of licenced companies offering payment services in Saudi Arabia, has now risen to 25, in addition to 7 companies that have obtained initial approval to operate within SAMA's regulatory sandbox, reported SPA. 

 

This decision reflects Sama's endeavor to support the payments sector, increase efficiency of financial transactions and promote innovative financial solutions for financial inclusion in Saudi Arabia.

 

Sama emphasizes the importance of dealing exclusively with authorized financial institutions, it added.