Riyadh, Saudi Arabia; 25 February 2020 – Finablr network brand BayanPay, a Saudi Arabia-based digital payment solutions provider, has been awarded a payment services provider licence by the Saudi Arabian Monetary Authority (SAMA). Following its successful graduation from the SAMA regulatory sandbox, BayanPay will offer digital wallets, e-commerce and SME business payments gateway solutions in the Kingdom.
Through BayanPay, Finablr seeks to expand its suite of digital services, offering domestic and international payments to consumers and businesses across Saudi Arabia, by leveraging its technology, industry expertise and global network.
BayanPay’s portfolio of solutions currently includes:
- BayanPay Business: an online payments gateway services aggregator that provides an easy and secure way to accept, process and disburse digital payments for B2B, B2C and B2G businesses in Saudi Arabia.
- BayanPay Wallet: an innovative e-wallet service, powered by Finablr’s technology, that enables Saudi Arabia-based customers to make seamless payments including cross-border payments from the second-largest remittance market with outflows of US$43 billion in 2018 as per World Bank estimates.
Promoth Manghat, Group Chief Executive Officer of Finablr, said: “Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework. Through BayanPay, Finablr will support the Kingdom’s strategic objectives of becoming a cashless society, one of the goals of the Financial Sector Development Program under Saudi Vision 2030. We look forward to supporting SAMA in pursuit of their vision to promote innovation in the financial sector as we work towards shaping the future of the digital payments landscape within the Kingdom.”
Fahad Al Fawaz, Chairman and Founder of BayanPay, added: “Finablr’s experience, expertise and global network, underpinned by its technology leadership, will enable BayanPay to take the next step in becoming a leading player in Saudi Arabia’s digital payments space. In line with Saudi Vision 2030, our digital solutions support the development and diversification of the economy by enhancing payment efficiencies for consumers, businesses and the government. Convenience, reliability and a seamless experience are among the many benefits our digital payments ecosystem will provide to customers. We thank SAMA, our partners and well-wishers for their continued support in our endeavour to facilitate the evolution of a vibrant digital ecosystem in Saudi Arabia.”
Founded in Riyadh, BayanPay is well-positioned to support the goals of Saudi Vision 2030 by providing trusted, secure and highly efficient digital payments solutions that can support the growth and development of the Saudi Arabian economy. SAMA’s estimates indicate that non-cash payments for the retail sector amounted to more than 36 percent of all payments in Saudi Arabia as of July 2019, with a goal to increase this to 70 percent by 2030 under Vision 2030’s Financial Sector Development Program.
Finablr acquired its majority stake in BayanPay in 2019, providing the group with entry to the GCC’s largest economy while enabling BayanPay to benefit from Finablr’s industry-leading capabilities and technology expertise to deliver seamless and reliable payments solutions to its customers in Saudi Arabia.