MIS says approvals, licenses finalized to start ops at FinTech firm

Logo of Al Moammar Information Systems Co.

Al Moammar Information Systems Co. (MIS) announced finalizing approvals and licenses to launch operations at its new FinTech company, according to a bourse filing.  

The new FinTech unit will specialize in developing and providing solutions and services in financial technology and e-markets, in line with the best international practices. It will also embrace the new innovative ideas as well as the creative initiatives.

The company’s initial focus will be on the development of:

- A venture studio to support the creative ideas.

- The Buy Now, Pay Later application.

- The e-market platform and application.

- The open banking infrastructure.

In addition, MIS appointed Abdullah Al-Ghamdi as Chief Executive Officer (CEO) for the company. Al-Ghamdi has more than 25 years of experience in the technical, administrative, and business development fields. He held PHD from the Faculty of Electrical and Electronic Engineering, University of Wales Britain.

The relevant updates will be duly revealed.

MIS board of directors approved on Sept. 28, establishing a new 100%-owned subsidiary in Riyadh, which would specialize in developing and providing solutions and services in financial technology (FinTech) and e-markets, Argaam reported.