The Saudi Central Bank (SAMA) licensed “Majd Saudi Payments” to provide E-wallet solutions.
With Majd Saudi Payments, there are now “26 licensed companies offering payment services” in Saudi Arabia.
This decision reflects SAMA’s goal to support the payments sector, increase the efficiency of financial transactions, and support “innovative financial solutions for financial inclusion in Saudi Arabia.”
SAMA emphasizes the importance of dealing “exclusively with authorized financial institutions.”
In another update, it was noted that SAMA granted the Digital Bank “D360″, a licensed digital bank, no objection to “commence its banking operations in the Kingdom.”
This development aligns with SAMA’s strategy to support the stability of the financial sector and promote trust therein, “foster economic growth, and promote competition” within the banking sector.
D360’s launch reflects the growth potential of the Kingdom’s economy, underscoring SAMA’s efforts to build a more “robust regulatory system that encourages innovation.”
In addition to this, SAMA is committed to ensuring that the banking sector contributes to achieving Saudi Vision 2030 and the national aspirations.
“D360″ is one of the three licensed digital banks in Saudi Arabia.
In another recent announcement, SAMA confirmed the launch of “Samsung Pay” through the national payment system “mada” in Saudi Arabia as part of its ongoing efforts to “enhance the digital payments ecosystem in the Kingdom, aligning with the Saudi Vision 2030.”
This initiative aims to promote financial inclusion and expand the “use of FinTech solutions across the Kingdom.”
This initiative reflects SAMA’s commitment to developing a digital payments infrastructure for transformation into a “less cash-dependent society by providing advanced digital payment solutions that align with international standards.”
As mentioned in another announcement from SAMA this year, the Samsung Pay service offers an advanced and secure payments experience, enabling users to “provision and manage their mada cards and credit cards within the ‘Samsung Wallet’ application.”
The launch of Samsung Pay service is part of series of innovations that aim at meeting market needs and “advancing Saudi Arabia’s position as a global pioneer in FinTech.”
The Saudi Central Bank (SAMA) announces the issuance of the “E-Wallets Rules” as part of its supervisory and “regulatory role over the Electronic Money Institutions (EMIs).”
This decision reflects SAMA’s continuous efforts to “develop the financial sector and empower the EMIs.”
The rules set the relevant regulatory requirements that licensed EMIs must comply with to protect market participants and “support EMIs in providing services that enhance the sector’s safety and stability.”
The rules included provisions and obligations related to requirements for opening Electronic Wallets, “verification of clients’ identity, and considerations for classifying and managing inactive wallets.”
SAMA had previously released the E-Wallets Rules, seeking comments and feedback from the public and experts in order to “achieve transparency and public participation.”
Comments and feedback were studied and “considered in the final version of the Rules.”