Finablr to Expand Operations in Saudi Arabia as Network Brand BayanPay Gets Licensed by the Saudi Arabian Monetary Authority

Finablr to expand operations in Saudi Arabia as network brand BayanPay gets licensed by the Saudi Arabian Monetary Authority

Riyadh, Saudi Arabia; 26 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 estimates1.

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[1]
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.


[1] http://www.sama.gov.sa/en-US/News/Pages/news26112019.aspx

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