Finablr, a global platform for payments and foreign exchange solutions, has announced that its Saudi-Arabia based network brand, BayanPay, has been awarded a license to provide payment services by the Saudi Arabian Monetary Authority (SAMA).
BayanPay will offer digital wallets, eCommerce and SMB payments gateway solutions in Saudi Arabia.
With BayanPay, Finablr is striving to augment its portfolio of digital services and to provide consumers and businesses across Saudi Arabia with domestic and international payments.
“Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework,” said Promoth Manghat, group chief executive officer of Finablr. “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 toward shaping the future of the digital payments landscape within the Kingdom.”
BayanPay has an extensive suite of portfolio solutions, including BayanPay Business and BayanPay Wallet. The business product is a digital payments gateway and services aggregator for B2B, B2C and B2G businesses in Saudi Arabia. The wallet product is powered by Finablr’s technology, giving Saudi Arabia-based customers the ability to make domestic and cross-border payments.
“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,” said Fahad Al Fawaz, chairman and founder of BayanPay.
“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 endeavor to facilitate the evolution of a vibrant digital ecosystem in Saudi Arabia,” said Fawaz.
BayanPay was founded in Riyadh in 2018. Finablr, founded in 2018, acquired a majority stake in BayanPay during the first half of 2019 for $30 million.
In May, Finablr officially launched on the London Stock Exchange.