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Bayan Pay, a Finablr network brand, receives licence from SAMA

BayanPayLondon-based Finablr’s, network brand BayanPay, a digital payment solutions provider based in Riyadh, has received the payment services provider licence by the Saudi Arabian Monetary Authority (SAMA). Finablr seeks to expand its suite of digital services, offering domestic and international payments to consumers and businesses across Saudi Arabia through BayanPay, by leveraging its technology, industry expertise and global network.

Promoth Manghat, Group Chief Executive Officer, Finablr stated, “Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework. Through BayanPay, Finablr will support the Kingdom’s strategic objectives of becoming a cashless society, one of the goals of the Financial Sector Development Program under Saudi Vision 2030. We look forward to supporting SAMA in pursuit of their vision to promote innovation in the financial sector as we work towards shaping the future of the digital payments landscape within the Kingdom.

Following its successful graduation from the SAMA regulatory sandbox, BayanPay will offer digital wallets, e-commerce and SME business payments gateway solutions in the Kingdom. Digital wallet company Halalah has also been licensed as a provider. It was selected amongst “The top 100 Arab World Start-ups that are Shaping the Fourth Industrial Revolution” by the World Economic Forum (WEF) in 2019. Halalah holds dual licenses in Saudi Arabia by SAMA and in the United Arab Emirates – ADGM (Abu Dhabi Global Market).

The monetary authority had issued licenses for electronic wallet company Saudi Digital Payments (STCPay) and payment services company GEIDEA Technology, at the end of January. SAMA has now licensed four payment services providers to date.

Fahad Al Fawaz, Founder & Chairman, BayanPay mentioned, “Finablr’s experience, expertise and global network, underpinned by its technology leadership, will enable BayanPay to take the next step in becoming a leading player in Saudi Arabia’s digital payments space. In line with Saudi Vision 2030, our digital solutions support the development and diversification of the economy by enhancing payment efficiencies for consumers, businesses and the government. Convenience, reliability and a seamless experience are among the many benefits our digital payments ecosystem will provide to customers. We thank SAMA, our partners and well-wishers for their continued support in our endeavour to facilitate the evolution of a vibrant digital ecosystem in Saudi Arabia.”

The central bank’s estimates indicate that non-cash payments for the retail sector amounted to over 36 percent of all payments in Saudi Arabia as of July 2019, with a goal to increase this to 70 percent by 2030 under the Vision 2030’s Financial Sector Development Program.

Finablr acquired its majority stake in BayanPay in 2019, enabling the latter to deliver seamless and reliable payments solutions to customers in the Kingdom.

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