By Innovation-sa on February 6, 2020 in News
The Saudi Arabian Monetary Authority (SAMA) issued licenses for non-bank financial institutions in the Kingdom for the first time in its history by granting license to an electronic wallet company and a payment services company.
SAMA said in a statement that the new desicion to license financial technology companies comes as part of SAMA’s efforts to open financial services to non-banking sectors and support development of the Kingdom’s economy in line with financial sector development program goals of Vision 2030.
Saudi Digital Payments Company (STCPay) was granted license as an Electronic Wallet Company and GEIDEA Technology Company was licensed as a Payment Services Company, SAMA revealed.
SAMA had published the Draft Regulations on its website for public consultation. These regulations will permit the licensing of payment companies, and regulate payment services in the Kingdom through a supervisory and oversight framework. The guidelines included the minimum requirements to undertake any of the payment services as well as data protection, governance, and risk management requirements.