January 31, 2020 / 12:34 AM / a month ago

CORRECTED-SAMA launches licenses for non-bank financial institutions -statement

(Corrects name of organisation in first paragraph)

CAIRO, Jan 30 (Reuters) - The Saudi Arabian Monetary Authority (SAMA) issued licenses for non-bank financial institutions in the Kingdom for the first time on Thursday, licensing an electronic wallet company and a payment services company. The move to license financial technology companies was aimed at opening financial services to non-banking actors and supporting development of the national economy, SAMA said in a statement.

The companies licensed were Saudi Digital Payments Company (STCPay) as an Electronic Wallet Company, and GEIDEA Technology Company as a payment services company, SAMA said. (Reporting By Ahmed Tolba; Editing by Lincoln Feast.)

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