March 25, 2023

The Central Bank of Saudi Arabia (SAMA) has announced that Excellence for Information Technology Application Solutions is authorized to operate postpaid activities in the Kingdom.

The announcement came on the basis of the system of the Central Bank of Saudi Arabia and the monitoring system of financial companies, since the authorization for this activity is aimed at financing the buyer to purchase goods and services in stores with no time value due from the client.

The move is part of the supportive role of the Saudi Central Bank in securing the financial sector by allowing entry into new activities. Strengthen and support the sector and attract a new segment of investors and value-added companies in a way that guarantees the performance of these companies, adhering to the regulatory and supervisory requirements issued by the Central Bank.

The Central Bank of Saudi Arabia reaffirmed its ongoing efforts to support the finance and fintech sector and improve the efficiency and flexibility of financial operations, as well as create conditions and encourage innovation in the provision of financial services. With the aim of increasing the level of financial inclusion in the Kingdom and ensuring access to financial services for all segments of society.

The move will also help achieve the goals of the fintech strategy. For the Kingdom to be among the leading countries in the field of financial technology, and innovation in technology-based financial services is the foundation that expands the economic opportunities of the individual and society.

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