Saudi Central Bank licenses Malaa, raising payment providers to 33

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.

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