Riyadh: HyperPay, the Saudi payments services provider in the MENA region, obtained a license from the Saudi Central Bank (SAMA) to boost the diversification and development of the financial sector in Saudi Arabia.

In line with its strategy to foster the digital payment market, the company will operate digital payment services via an electronic wallet in the Kingdom, according to a press release.

Muhannad Ebwini, Founder and CEO of HyperPay, said: " 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."

This move is part of SAMA’s strategy to back the financial technology sector, as the authority continues to work toward bolstering the effectiveness and flexibility of the financial sector in the Kingdom.

It also aims to promote innovation and enhance the experience of financial transactions, driving financial inclusion and providing financial services to various segments of society.

On the sidelines of its participation in Seamless Saudi Arabia 2024, HyperPay teamed up with ACI Worldwide to facilitate AI-driven payment innovations across the region.

In 2023, the company unveiled initial public offering (IPO) plans within two years to scale up business in the MENA region.

 

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