Page 10 - HyperPay PR REPORT - JANUARY 2025

Press Release

HyperPay Obtains License from the Saudi Central Bank

to Expand Digital Payment Services in the Kingdom

09 January 2025- In a move that strengthens the diversification and development of the
financial sector in the Kingdom of Saudi Arabia, the Saudi Central Bank (SAMA) has
announced the granting of a license to HyperPay Inc. Saudi Arabia for Information Systems
Technology to operate digital payment services via an electronic wallet in the Kingdom. This
license marks an important step in enhancing the company’s position in the growing digital
payments market in Saudi Arabia.

HyperPay is a leading company in the financial technology sector, aiming 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, 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. He also emphasized the company’s commitment to innovation by developing
advanced financial services, which supports national economic growth by facilitating payment
processes and simplifying business transactions.

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 sector 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 reaffirms 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.

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