Saudi Central Bank certifies Marta as payment institution

By Leandra Monteiro

The Saudi Central Bank (SAMA) has approved Marta, a Saudi Arabia-based FinTech, as a Payment Institution (PI), allowing it to empower merchants to accept payments directly through Marta’s aggregation platform.

The payment aggregator aims to provide merchants of all sizes and types with a reliable, secured payment solution, allowing them to efficiently accept multiple payment card schemes through its Point of Sale (POS) devices that enable them to grow their businesses seamlessly.

“It is a significant milestone in Marta’s journey; it reflects Saudi authorities’ trust in our capability and our dedication to serving and developing the payment system for Saudi enterprises,” said Marta’s CEO, Alzamil.

Marta’s payment aggregation system received the license after demonstrating compliance with SAMA’s regulatory standards, in accordance with the central bank’s goals to improve overall financial stability.

“This license is a recognition of our efforts to contribute to the revolutionary developments in Saudi Arabia’s financial ecosystem, and encourages us to carry on and bring the most innovative payment solutions to market,” Alzamil said, adding that Marta’s team is working relentlessly to provide the Saudi businesses with technology that aligns with the Kingdom’s 2030 Vision, which aspires to turn the market into a cashless society and become a global hub for FinTech and e-commerce.