The Saudi Central Bank (SAMA) has licensed Mala’a Information Technology to provide Payment Account Information Services (PAIS) in Saudi Arabia, under the Kingdom’s Open Banking framework.
The license brings the total number of licensed payment service providers in the country to 33, according to the announcement.
SAMA said the move supports the development of Saudi Arabia’s payments sector by improving the efficiency and flexibility of financial transactions while encouraging innovation in financial services. It also aims to strengthen financial inclusion and broaden access to financial services.
The central bank reminded customers to deal only with financial institutions licensed or authorized by SAMA. Licensing status can be checked through the bank’s official website.
Source: EntArabi
