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Fintech

Cashless Kingdom: Saudi approves new e-wallet operator

BayanPay, a digital payments company owned by London-listed Finablr, has received regulatory approval to operate its mobile money platform in Saudi Arabia, as the Kingdom looks to a future without cash.

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The facilitation of digital payments in Saudi Arabia is one of several projects overseen by the Saudi Arabian Monetary Authority (SAMA), which aims to achieve the Kingdom’s vision of a cashless society and to promote innovation in the financial sector.

A digitally transformed economy is one of the key pillars of Saudi’s Vision 2030.

BayanPay is part of SAMA’s digital sandbox and operates digital wallets, as well as an e-commerce platform to facilitate transactions between business, businesses and consumers, and businesses and government.

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Binay Shetty,
BRS Ventures

“We’ve just launched a digital wallet business in Saudi Arabia, which is one of three licences issued recently,” says Binay Shetty, vice-chairman and CEO of BRS Ventures and executive director of Finablr.




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