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1/13/25, 1:28 PM HyperPay Obtains License from the Saudi Central Bank to Expand Digital Payment Services in the Kingdom

HyperPay Obtains License from the Saudi

Central Bank to Expand Digital Payment

Services in the Kingdom

Date Share on Facebook Tweet on Twitter
1/12/2025 6:05:18 AM

(MENAFN- Orient Planet Group) 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

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