Categories: Press Releases

BayanPay Licensed by SAMA to Operate in Saudi Arabia

BayanPay, an online payment services company, has obtained a license from Saudi Arabian Monetary Agency (SAMA) to operate in the kingdom.

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.

Rabea Maguid

Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.

Recent Posts

The Most Important Things to Look Out for In Your Potential Crypto Broker

At its inception, cryptocurrency was traded solely through unique and dedicated cryptocurrency exchanges, or via…

8 months ago

Why ChainLink is the Hottest DeFi Coin Right Now

ChainLink (LINK) is a decentralised system that verifies real world data within blockchain-based smart contracts.…

8 months ago

KuCoin Hacker Moves $4.5M of Stolen XRP

KuCoin logo [...]

8 months ago

China Holds Half of Global Blockchain Patents in 2020

China has applied for 4,435 blockchain patents so far, accounting for about half of the…

8 months ago

Bahrain Allows UK’s Fasset to Test Blockchain-Based Solutions

Central Bank of Bahrain [...]

8 months ago