Riyadh: The Saudi Central Bank (SAMA) has granted a license to “HIBERBAY INK AL-SAOUDIA For IT Systems” to offer e-wallet solutions, increasing the total number of licensed payment service providers in the Kingdom to 27. This initiative marks a significant step in SAMA’s ongoing efforts to enhance the country’s financial infrastructure.

According to Saudi Press Agency, the licensing of HIBERBAY INK AL-SAOUDIA aligns with SAMA’s strategic objectives to support and empower the payments sector. The initiative seeks to boost the efficiency and adaptability of financial transactions across the Kingdom. By encouraging innovation in financial services, SAMA aims to foster an environment conducive to financial inclusion, ensuring that all society segments can access essential financial services.

In its announcement, SAMA emphasized the critical importance of engaging with licensed or authorized financial institutions. The central bank advised individuals and businesses to verify the licensing status of financial entities by visiting SAMA’s official website, underscoring its commitment to maintaining a secure and reliable financial ecosystem.