The Saudi Central Bank (SAMA) has awarded a license to HyperPay Inc., enabling the Riyadh-based FinTech company to provide digital payment services through an electronic wallet in Saudi Arabia.
HyperPay aims to support the Kingdom’s transition toward a less cash-dependent society by offering innovative and secure payment solutions. These services are designed to meet both current market needs and future aspirations, aligning with Saudi Arabia’s Vision 2030 to enhance the financial system’s efficiency and support digital transformation.
Muhannad Ebwini, Founder and CEO of HyperPay, expressed pride in receiving the license, calling it a significant milestone in solidifying the company’s leadership in the electronic payment sector. “Through this step, we aim to enable businesses to benefit from secure and seamless payment services,” he said, emphasizing the company’s role in reducing cash dependency.
This license is part of SAMA’s strategy to promote the financial technology sector, enhance the Kingdom’s financial system, and encourage innovation in financial transactions. The initiative also aims to increase financial inclusion, providing accessible services to various segments of society.
The electronic payment sector in Saudi Arabia has grown significantly in recent years, driven by government investments and rapid technological advancements. HyperPay’s new license will allow the company to expand its services, strengthen its customer base, and further contribute to the development of the Kingdom’s digital payment ecosystem.
