RIYADH: Saudi Arabia’s licensed finance companies have risen to 74 after the central bank approved a new buy-now-pay-later firm, while the number of payment service providers in the Kingdom reached 32.
The Saudi Central Bank, also known as SAMA, licensed Madark Solutions for Financing to engage in buy-now-pay-later activity, according to a release.
The institution also approved Tatbiq Darahem Co. for Technology Almaliya to provide account information services linked to open banking, expanding the number of licensed payment service providers operating in Saudi Arabia to 32.
The moves come as Saudi Arabia accelerates efforts to modernize its financial sector, expand digital payments and strengthen financial inclusion under the Vision 2030 economic diversification strategy.
In a release, SAMA stated: “The license was granted following the successful completion of the regulatory sandbox phase under SAMA’s supervision.”
It added: “The decision reflects SAMA’s ongoing efforts to support and enable the financial sector, enhance the efficiency and flexibility of financial transactions, and promote innovation in financial services. This aims to advance financial inclusion and expand access to financial services across all segments of society.”
The Kingdom achieved its target of 70 percent cashless transactions ahead of schedule in 2023 and raised the share to 79 percent in 2024, according to official data. The Kingdom is now targeting an 80 percent cashless transaction rate by 2030.
On May 6, the central bank held a meeting in Riyadh with CEOs of open banking firms to discuss regulatory developments and operational priorities for the sector.
The discussion also focused on strengthening adherence to upcoming operational and regulatory priorities and requirements, while reinforcing continued collaboration among stakeholders to further advance the development of open banking services.
It also featured an open exchange of views, with participants sharing ideas and insights aimed at supporting the growth and empowerment of companies.
