The Saudi Central Bank (SAMA) licensed “Hiberbay Ink Al-Saoudia for IT Systems” to provide E-wallet solutions.
With “Hiberbay Ink Al-Saoudia for IT Systems,” there are now 27 licensed firms providng payments services across the Kingdom of Saudi Arabia.
This decision reflects SAMA’s aim to support the Middle Eastern nation’s payments sector, increase the efficiency of financial transactions, while also supporting innovative financial solutions for financial inclusion in Saudi Arabia.
As always, SAMA said that it emphasizes the importance of dealing exclusively with authorized financial institutions.
The Saudi Central Bank (SAMA) has also licensed “Tal Finance” company to provide debt-based crowdfunding solutions.
With Tal Finance, there are now 12 authorized companies “offering debt-based crowdfunding solutions” in Saudi Arabia. This addition brings the total number of finance companies licensed by SAMA to 62 companies.
This decision reflects SAMA’s commitment to support the country’s fast-evolving financial industry, boosting the overall efficiency of monetary transactions, and enabling more inclusive financial services in the MENA region country.
SAMA, like all regulators, stresses that it’s vital to strictly work only with regulator business entities.
As covered last month, Zid, Saudi Arabia’s commerce enablement platform, has unveiled ‘Total Commerce’ – which is described as a unified ecosystem redefining digital retail – at Ripple 2024.
The development is said to be important for retail innovation in Saudi Arabia and across the region as well.
Sultan AlAsmi, CEO and Co-founder of Zid, commented:
‘Total Commerce’ unites every aspect of modern retail into one seamless ecosystem, enabling merchants to sell across multiple channels and deliver products to customers effortlessly. A single dashboard enables businesses to manage e-commerce stores, social media sales, and physical outlets, gaining full visibility and control over their online and offline operations. It creates new opportunities for merchants to expand across local, regional and international markets.”
They added:
“Total Commerce empowers every entrepreneur with the tools they need to thrive. By uniting operations, marketing and logistics; and simplifying and streamlining the entire retail ecosystem – we are setting a new standard for commerce in the region. Every solution we offer is designed to multiply the critical ‘moments of truth’ that drive business growth.”
Ripple 2024 underscored Zid’s pivotal role in shaping the future of retail.
Merchant success stories demonstrated the “tangible impact” of Zid’s platform on business growth.
With Saudi Arabia’s e-commerce market projected to reach SAR 82.5 billion by 2027, Zid’s ‘Total Commerce’ reaffirms the “company’s role in leading this transformation.”