RIYADH: Saudi Arabia’s digital payments sector is set to expand after the Saudi Central Bank licensed Malaa Co. for Information Technology to offer payment account information services, raising the number of permitted payment service providers to 33.
The move enables Malaa to allow customers to securely share their banking data with licensed third-party providers after obtaining their consent.
The latest approval from the bank, also known as SAMA, underscores the Kingdom’s push to strengthen its open banking ecosystem and accelerate financial sector reforms under Vision 2030.
Saudi Arabia’s fintech ecosystem grew to 261 companies by the end of 2025, exceeding the original Vision 2030 target of 230 firms by 13 percent. The sector expanded 21 percent year on year, while cumulative fintech investment reached SR7.9 billion ($2.1 billion), more than doubling the initial target.
In its statement, the central bank said the decision “reflects SAMA’s commitment to support the payments sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.”
