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.