HyperPay bags license to advance digital wallet solutions in Saudi Arabia

By Gloria Methri

The Saudi Central Bank (SAMA) has granted a license to HyperPay Inc. to operate digital payment services via an electronic wallet in the Kingdom.

HyperPay, a Riyadh-based FinTech company, aims to support the transition to a less cash-dependent society by offering innovative payment solutions and advanced financial services that meet market needs and future aspirations.

Muhannad Ebwini, Founder and CEO of HyperPay, said, “We are proud to have received this license from the Saudi Central Bank, which represents a significant milestone in enhancing our leadership in the electronic payment sector. Through this step, we aim to enable businesses to benefit from secure and seamless payment services, in line with the goals of Saudi Arabia’s Vision 2030 to improve the efficiency of the financial system and support digital transformation.”

Ebwini added that this license reflects HyperPay’s ongoing efforts to expand its operations and offer services more widely, contributing to the growth of its customer base and reducing reliance on cash.

This move is part of the Saudi Central Bank’s (SAMA) strategy to support the financial technology sector as the bank continues to work toward enhancing the effectiveness and flexibility of the financial industry in the Kingdom. It also aims to encourage innovation and improve the experience of financial transactions, aligning with its goals of increasing financial inclusion and providing financial services to various segments of society.

It is worth noting that the electronic payment sector in the Kingdom has witnessed significant growth in recent years, driven by government investments and rapid technological advancements.

Through this license, HyperPay reaffirmed its commitment to working with the Saudi Central Bank to enhance the infrastructure of modern financial services and support the digital payment ecosystem, contributing to facilitating payment processes and improving user experiences in the Kingdom.