Saudi Arabia Monetary Authority announces licensing of HalalaH and BayanPay

The Saudi Arabian Monetary Agency (SAMA) has announced the licensing of two digital wallet companies, bringing the number of authorized payment companies to four in the financial technology sector. (SAMA.gov.sa)
Short Url
Updated 26 February 2020

Saudi Arabia Monetary Authority announces licensing of HalalaH and BayanPay

  • BayanPay and HalalaH are licensed by SAMA to provide digital wallets, e-commerce and SME business payments gateway solutions in Saudi Arabia
  • SAMA highlighted its efforts to enhance innovation in financial services

RIYADH: The Saudi Arabian Monetary Agency (SAMA) has announced the licensing of two digital wallet companies, BayanPay and HalalaH, bringing the number of authorized payment companies to four in the financial technology sector.

BayanPay and HalalaH had been part of SAMA’s regulatory sandbox. Now, they have successfully graduated from SAMA’s regulatory sandbox after meeting the stringent guidelines and safeguards established by SAMA. With this, BayanPay and HalalaH get licensed by SAMA to provide digital wallets, e-commerce and SME business payments gateway solutions in Saudi Arabia.

This step came after the issuance of the regulations on Jan. 30, 2020, which was directly followed by the licensing of the first two payment services providers.

SAMA highlighted its efforts to enhance innovation in financial services came in accordance with international standards and ensuring the financial stability of the sector, which is part of the Kingdom’s 2030 Vision aims to move Saudi Arabia to a cashless society.


Saudi Arabia records 27 more deaths from COVID-19

Updated 31 min 32 sec ago

Saudi Arabia records 27 more deaths from COVID-19

  • The total number of recoveries in the Kingdom has increased to 313,786
  • A total of 4,569 people have succumbed to the virus in the Kingdom so far

LONDON: Saudi Arabia announced 27 more deaths from the coronavirus and 561 new cases of the disease on Wednesday.
Of the new cases, 75 were recorded in Makkah, 51 in Jeddah, 37 in Madinah, 34 in Riyadh and 29 in Dammam.
The total number of recoveries in the Kingdom increased to 313,786 after 1,102 more patients recovered from the virus.
A total of 4,569 people have succumbed to the virus in the Kingdom so far.