RIYADH: The Saudi Central Bank (SAMA) announced on Sunday the licensing of a new financial technology (Fintech) company in the field of payments under the name "al-Hulul al-Shamilah Finance" to provide payment services through the SADAD system.
This brings the total number of payment companies licensed by SAMA to 14, in addition to 7 companies that obtained the initial approval.
SADAD is a central system for displaying and paying invoices, and making a variety of other payments, developed by SAMA.
The Central Bank aims to attract a value-adding new segment of investors and companies to strengthen and contribute to the growth of the sector through compliance with SAMA's regulatory requirements.
It encourages innovation in financial services, and increasing efficiency in financial transactions including enhancing the level of financial inclusion in the Kingdom.