Saudi Arabia Update: FINTECH COMPANIES ALLOWED TO JOIN PAYMENT SYSTEM

Saudi Arabia’s Central Bank has announced that Fintech companies can join the national Mada payment system. Saudi Payments said the companies STC Pay and Geidea had joined the network as the first two non-banking companies to join the service.

The aim is to enable financial companies to support the private sector and establish a financial infrastructure. The licenses given to the Fintech companies mean they can issue digital and plastic Mada payment cards to enable customers to make payments online or withdraw money. They will also provide hosting services for Point of Sale devices to merchants directly and provide them with Point of Sale devices with complete services. 

By Hammad & Al-Mehdar, Saudi Arabia, a Transatlantic Law International Affiliated Firm. 

For further information or for any assistance please contact saudiarabia@transatlanticlaw.com

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