The Saudi Central Bank (SAMA) announced licensing of three new companies specialized in finance and electronic payments, during the Global Entrepreneurship Congress sponsored by Crow Prince Muhammad Bin Salman, , deputy prime minister and minister of defense. The conference held from March 27-30, 2022 in Riyadh, under the slogan “Reboot, Rethink and Regenerate,” is organized by the Small and Medium Enterprises General Authority (Monsha’at) in cooperation with the Global Entrepreneurship Network (GEN).
SAMA stated that the license was granted to a new financial technology company specialized in electronic payments named Etihad Fintech Company “Mobily Pay”. SPA reported that the newly licensed company is now eligible to provide e-wallet payment services in the Kingdom; and thus, bringing the total number of payment companies licensed by SAMA to 17, in addition to eight companies granted an “In-principle Approval”.