Two new digital payment start-ups have officially entered the Saudi space with licenses from the Saudi Central Bank, bringing the number of regulated fintech payment service providers in the Kingdom to 13.
The licenses were granted to Global Digital Financial Solutions which will provide electronic wallet payment services, and Azm Financial Technology Company which will serve the Saudi market with its aggregate billing service.
While none of these are explicitly Shariah compliant, it is understood that fintech service providers are to comply with Islamic principles in line with the Kingdom’s affinity with Islam as well as Vision 2030 ambitions. Among the Shariah digital payment service providers in Saudi Arabia are AlinmaPay, FlexxPay and Hala.