Riyadh, January 1, 2025 – The Saudi Central Bank (SAMA) has officially granted a license to "HIBERBAY INK AL-SAOUDIA For IT Systems" to provide e-wallet solutions in the Kingdom. This move brings the total number of licensed companies offering payment services in Saudi Arabia to 27, marking a significant milestone in the country’s ongoing efforts to enhance the payments sector. The licensing of HIBERBAY INK AL-SAOUDIA is in line with SAMA’s broader strategy to foster innovation, increase the flexibility and efficiency of financial transactions, and promote greater financial inclusion for all segments of society.
This licensing decision reflects SAMA’s commitment to supporting the growth of the financial technology (fintech) sector, which has become increasingly important in the Kingdom’s vision to diversify its economy under the Saudi Vision 2030 initiative. By enabling new players like HIBERBAY to enter the market, SAMA aims to strengthen the competitiveness of the payments industry, improve consumer access to digital financial services, and provide a wide range of convenient and secure payment options to businesses and individuals alike.
The Central Bank emphasized the importance of dealing exclusively with licensed or authorized financial institutions, encouraging consumers and businesses to verify the licensing status of any service provider through SAMA’s official website. This is a crucial step in ensuring that financial transactions are secure and compliant with the regulatory framework designed to protect the interests of all stakeholders.
Through initiatives like this, SAMA is driving the digital transformation of Saudi Arabia’s financial sector, laying the groundwork for a more inclusive and efficient financial system that meets the needs of a rapidly evolving digital economy. With an expanding number of licensed payment service providers, the Kingdom is positioning itself as a regional leader in fintech innovation, enhancing access to financial services and supporting the development of a robust, future-focused financial ecosystem.