Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

Saudi Central Bank grants licenses to 2 more payment companies

Wednesday, 03 24 2021, Category: Technology, Country: Saudi Arabia
RIYADH — The Saudi Central Bank (SAMA) announced the licensing of two payment companies as part of its efforts to achieve the objectives of the financial sector development program, which is one of the pillars of the Kingdom’s 2030 Vision.

The new licenses have been granted to International Digital Solutions Company to provide electronic wallet service (electronic transfer and payment service) and Azm Fintech Company to provide payment services through (SADAD Bill Aggregation Services).

This brings the total number of payments companies licensed by SAMA to 13 companies, in addition to two payments companies obtaining initial approval.

This step comes from the central bank's supportive role to empower the financial technology sector by allowing the entry of new activities to strengthen and support the sector, and to attract a new segment of investors and companies to work under its supervision in a manner that ensures the efficiency of the work of these companies.

These firms, however, must adhere to the regulatory and supervisory requirements related to corporate governance, risk and compliance management, and customer protection in line with the role of the Central Bank in enhancing financial stability and supporting opportunities for growth and economic development in the country toward achieving the goals of the Kingdom's Vision 2030.

Source: Saudi Gazette
All copyrights reserved, Arab Reinsurance 2016 ©