The Saudi Central Bank (SAMA) has granted a license to HyperPay Inc. Saudi Arabia for Information Systems Technology to operate digital payment services via an electronic wallet in the Kingdom.
This initiative marks a significant step in enhancing the diversification and growth of the financial sector in the Kingdom of Saudi Arabia. Additionally, the license represents a key milestone in strengthening the company’s position within Saudi Arabia’s expanding digital payments market.
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.
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.
Muhannad Ebwini, Founder and CEO of HyperPay, said that, “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 further 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 support national economic growth by facilitating payment processes and simplifying business transactions.
