Saudi Central Bank licenses Mala'a Information Technology for banking services

The Saudi Central Bank (SAMA) has announced that it has granted a license to Mala'a Information Technology Company to provide payment services through payment account information services, one of the services linked to open banking.

This brings the total number of licensed payment service providers in the Kingdom to 33.

The move is part of the Central Bank's efforts to support and enable the payments sector, enhance the efficiency and flexibility of financial transactions, and encourage innovation in financial services, with the aim of boosting financial inclusion and ensuring access to financial services for all segments of society.

The Saudi Central Bank stressed the importance of dealing only with financial institutions that are licensed or authorized by the Bank. Verification can be done by visiting the SAMA website.