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.