Accordingly, BayanPay became the first online gateway providing its services for small and medium-sized enterprises in the kingdom, especially after having undergone a trial period. During this period, the company managed to gain the confidence of Saudi Arabia’s central bank.
Thus, the move will boost the UAE-based Finablr, the parent company of BayanPay, which seeks to benefit from its long experience to expand its business in providing e-payment services to Saudi companies and citizens.
For his part, Promoth Manghat, group chief executive of Finablr, said:
“Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework.”
In addition, Manghat said:
“Through BayanPay, Finablr will support the kingdom’s strategic objectives of becoming a cashless society, one of the goals of the Financial Sector Development Programme under Saudi Vision 2030.”
Kingdom aims to increase non-cash payments to 70%
According to the central bank’s estimates, non-cash payments to the retail sector exceeded 36 percent of the total payments in Saudi Arabia as of July 2019.
Therefore,The kingdom seeks to increase non-cash payments to 70 percent by 2030 under its Vision 2030.
In 2019, Finablr has acquired a controlling stake in BayanPay, which allowed the group to enter the largest market in the GCC region. Thus, BayanPay has benefited from Finablr’s expertise to provide seamless payment solutions for its customers in Saudi Arabia.
Earlier, Cryptolydian reported that Saudi Arabia is one of the top three countries in the Middle East and Africa in terms of readiness towards a digital economy.
In addition,the kingdom has ranked 10th regionally in terms of business and government investment. Domestic entities are increasing their investments in digital infrastructure. Thus, the ongoing financial support will further propel the kingdom’s economy.
Thus, Cisco believes that fulfilling the citizen’s necessary needs and creating a favorable business environment boost the future of digitization.