Riyadh: Finablr network brand BayanPay, a Saudi Arabia-based digital payment solutions provider is awarded a payment services provider licence by the Saudi Arabian Monetary Authority (SAMA).
Following its successful graduation from the SAMA regulatory sandbox, BayanPay will now offer digital wallets, e-commerce and SME [small and medium enterprises] business payments gateway solutions in the Kingdom.
Through BayanPay, Finablr seeks to expand its suite of digital services, offering domestic and international payments to consumers and businesses across Saudi Arabia.
BayanPay’s portfolio of solutions includes BayanPay Business, an online payments gateway services aggregator that provides an easy and secure way to accept, process and disburse digital payments for B2B, B2C and B2G businesses in Saudi Arabia and BayanPay Wallet, an e-wallet service that enables Saudi Arabia-based customers to make seamless payments, including cross-border payments.
“Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework. Through BayanPay, Finablr will support the Kingdom’s strategic objectives of becoming a cashless society, one of the goals of the Financial Sector Development Program under Saudi Vision 2030,” said Promoth Manghat, Group Chief Executive Officer of Finablr.
Founded in Riyadh, BayanPay is secure and efficient digital payments service. Finablr acquired its majority stake in BayanPay in 2019, providing the group with entry to the GCC’s largest economy while enabling BayanPay to benefit from Finablr’s industry-leading capabilities.
“Finablr’s experience, expertise and global network, underpinned by its technology leadership, will enable BayanPay to take the next step in becoming a leading player in Saudi Arabia’s digital payments space,” said Fahad Al Fawaz, Chairman and Founder of BayanPay.
SAMA’s estimates indicate that non-cash payments for the retail sector amounted to more than 36 percent of all payments in Saudi Arabia as of July 2019, with a goal to increase this to 70 percent by 2030 under Vision 2030’s Financial Sector Development Programme.