HyperPay, the Saudi payments services provider (PSP) operating in the MENA region, reportedly obtained a license from the Saudi Central Bank (SAMA) in order to support the diversification and development of the financial services ecosystem in KSA.
In line or consistent with its strategy to support the virtual payments sector, the Fintech firm will operate digital payment services through an electronic wallet in the KSA (according to the official company announcement).
Muhannad Ebwini, Founder and CEO of HyperPay, remarked:
“Through this step, we aim to enable businesses to benefit from secure and seamless payment services, in line with the goals of Saudi Arabia’s Vision 2030 to improve the efficiency of the financial system and support digital transformation.”
This latest move is said to be part of SAMA’s strategy to support the vibrant financial tech ecosystem, as the authority remains focused on working toward bolstering the effectiveness as well as flexibility of the financial industry in the Middle Eastern Kingdom.
It also aims to support innovation and improve the overall experience of monetary transactions, accelerating financial inclusion and offering financial services to different segments of society / users.
On the sidelines of its participation in Seamless Saudi Arabia 2024, HyperPay had partnered with ACI Worldwide in order to enable (artificial intelligence) AI-powered payment capabilities throughout the region.
In 2023, the firm had revealed its initial public offering (IPO) plans within two years in order to scale up business operations across the MENA region.
Globally, rising inflation, a higher cost of living, and slower wage growth are impacting the lives of people right around the world.
A recent report suggested that many consumers are turning to physical cash to help manage their finances amid the cost-of-living crisis.
But Muhannad Ebwini, founder and CEO of MasterCard-backed HyperPay, believes that Fintech solutions are better equipped for dealing with this issue.
He argues that the diverse range of fintech solutions available on the market today, including loans, credit cards and buy-now-pay-later solutions, provide greater purchasing power and personalized support in the event of emergencies.
In an interview with Crowdfund Insider, Muhannad shared insights on how consumers can use fintech solutions to improve their finances during these difficult times. He also discussed the steps fintech companies can take to help those hardest hit by the cost-of-living crisis.
