SAMA licenses two fintech payment firms, bringing total to 21 

RIYADH: The Saudi Central Bank has licensed Arab Sea Financial Co. and Fatoorah as financial technology firms able to provide payment services for e-commerce.

This brings the total number of payment companies licensed by the central bank, also known as SAMA, to 21, with an additional five companies granted an “in-principle approval”, SAMA said in a statement on Thursday.

This move comes as part of SAMA’s role to promote the fintech sector development and ensure its ultimate stability and growth, while complying with its regulatory requirements.