Page 48 - HyperPay PR REPORT - 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.

https://kanebridgenewsme.com/hyperpay-licensed-by-sama-to-boost-digital-payment-services-
in-saudi-arabia/