Arab Sea says SAMA gives initial approval for license to set up digital payments unit

15/03/2021 Argaam

Logo of Arab Sea

Arab Sea Information Systems Co.’s (Arab Sea) announced that the Saudi Central Bank (SAMA) issued a letter to the Ministry of Commerce on 27/07/1442H giving the initial approval for the license to the Arab Sea Financial Co.

 

The announcement will have no financial impact, according to a bourse filing today, March 15, 2021.

 

In September 2020, Arab Sea’s board of directors approved the setting up of Riyadh-headquartered digital payments limited liability company.

 

The new firm will be a wholly-owned unit after obtaining the required regulatory approvals.

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