Page 71 - HyperPay PR REPORT - JANUARY 2025

1/16/25, 4:38 PM To offer payment solutions, SAMA licenses HIBERBAY INK AL-SAOUDIA for IT systems.

To offer payment solutions, SAMA licenses HIBERBAY
INK AL-SAOUDIA for IT systems.

The Saudi Central Bank (SAMA) has licensed "HIBERBAY INK AL-SAOUDIA For IT Systems" to offer e-wallet
solutions, bringing the total number of licensed payment service providers in Saudi Arabia to 27.

Riyadh, January 1, 2025 – The Saudi Central Bank (SAMA) has officially granted a license to
"HIBERBAY INK AL-SAOUDIA For IT Systems" to provide e-wallet solutions in the Kingdom.
This move brings the total number of licensed companies offering payment services in Saudi
Arabia to 27, marking a significant milestone in the country’s ongoing efforts to enhance the
payments sector. The licensing of HIBERBAY INK AL-SAOUDIA is in line with SAMA’s
broader strategy to foster innovation, increase the flexibility and efficiency of financial
transactions, and promote greater financial inclusion for all segments of society.

This licensing decision reflects SAMA’s commitment to supporting the growth of the financial
technology (fintech) sector, which has become increasingly important in the Kingdom’s vision
to diversify its economy under the Saudi Vision 2030 initiative. By enabling new players like
HIBERBAY to enter the market, SAMA aims to strengthen the competitiveness of the
payments industry, improve consumer access to digital financial services, and provide a wide
range of convenient and secure payment options to businesses and individuals alike.

The Central Bank emphasized the importance of dealing exclusively with licensed or
authorized financial institutions, encouraging consumers and businesses to verify the
licensing status of any service provider through SAMA’s official website. This is a crucial step
in ensuring that financial transactions are secure and compliant with the regulatory
framework designed to protect the interests of all stakeholders.

Through initiatives like this, SAMA is driving the digital transformation of Saudi Arabia’s
financial sector, laying the groundwork for a more inclusive and efficient financial system that
meets the needs of a rapidly evolving digital economy. With an expanding number of
licensed payment service providers, the Kingdom is positioning itself as a regional leader in
fintech innovation, enhancing access to financial services and supporting the development of
a robust, future-focused financial ecosystem.

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