SAMA permits FinTech license to SiFi for e-wallet solutions

By Delisha Fernandes

Alhulul AlMubassatah Financial Company (SiFi), a Riyadh-based Spend Management Solutions provider, has announced that Saudi Central Bank has granted SiFi, Electronic Money Institution license as the first FinTech to offer business spend management solutions.

The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)” to provide E-wallet solutions. With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA’s regulatory sandbox.

This decision reflects SAMA’s endeavour to support the payments sector, increase the efficiency of financial transactions and promote innovative financial solutions for financial inclusion in Saudi Arabia.

SAMA is committed to supporting and enabling the finance and FinTech sectors within the regulatory and supervisory guidelines. SAMA seeks to bring added value to the industry and the economy by attracting new investors and companies. SAMA is actively leveraging technology in financial services to support the broader goals of Vision 2030.

SiFi provides SMEs and startups with financial management solutions, including the ability to issue virtual and physical corporate cards, manage spending and automate expense reporting. The spend management solutions provider simplifies expense management by integrating spend tracking, accounting automation, and reimbursements into one platform. This makes controlling and monitoring spending easier, eliminates the need for manual expense reports, and improves operational efficiency.