SAMA issues first license to GEIDEA as payment services company
Mita Srinivasan
10X Industry

SAMA issues first license to GEIDEA as payment services company

New licenses for non-bank financial institutions is part of Kingdom’s 2030 vision for financial sector development

The Saudi Arabian Monetary Authority (SAMA) launched licenses for non-bank financial Institutions (Financial Technology Institutions), with the issuance of the first license for an electronic wallet company and the first license for a Payment Services Company in the Kingdom. SAMA has already licensed the Saudi Digital Payments Company (STCPay) as an electronic wallet company, and GEIDEA Technology Company as a payment services company, after the success of the trial period in an experimental environment.

The announcement comes as part of SAMA's efforts to achieve the objectives of the financial sector development program, which is one of the pillars of the Kingdom's 2030 vision, enabling financial institutions to support private sector growth by opening financial services to non-banking actors (payment services providers and financial technologies), supporting development of the national economy

SAMA has published draft regulations on its website for public consultation. These guidelines will also allow SAMA to fulfill its mandate in regulating the payments sector and keeping up with international best practices. These guidelines also enable the licensing of payment companies, as well as regulate payment services in the Kingdom, through a supervisory and oversight framework that ensures the safety and efficiency of transactions in the payments sector.