Riyadh, August 30, 2023, The Saudi Central Bank (SAMA) has given "Alhulul AlMubassatah Financial Company (SiFi)" permission to offer e-wallet services. SiFi brings the total number of permitted businesses providing payment services in Saudi Arabia to 25, in addition to the seven businesses that have already been granted preliminary authorization to work within SAMA's regulatory sandbox. This choice demonstrates SAMA's efforts to assist the payments industry, boost the effectiveness of financial transactions, and support creative financial solutions for Saudi Arabia's financial inclusion. SAMA stresses the value of only doing business with approved financial institutions. Visit the SAMA website to view financial institutions that have been authorized and licensed.
