HyperPay Secures Licence From Saudi Central Bank, in Aim to Support Regional Digital Transformation

HyperPay, a payment gateway operating in the Middle East and Northern Africa (MENA), has secured a digital payment licence from the Saudi Central Bank (SAMA). 

With its newly obtained licence, HyperPay can now operate digital payment services via an electronic wallet in the Kingdom of Saudi Arabia. The fintech aims to support the transition to a less cash-dependant society by launching a range of payment solutions and financial services. SAMA also says that the move looks to help strengthen the diversification and development of the financial sector in Saudi Arabia.

Muhannad Ebwini, founder and CEO of HyperPay, says the licence reflects the firm’s ongoing efforts to expand its operations and offer services more widely. “Through this step, we aim to enable businesses to benefit from secure and seamless payment services, in line with the goals of Saudi Arabia’s Vision 2030 to improve the efficiency of the financial system and support digital transformation,” he added.

Ebwini also emphasised the company’s commitment to innovation by developing advanced financial services, which supports national economic growth by facilitating payment processes and simplifying business transactions.

This move is part of SAMA’s strategy to support the financial technology sector, as the bank continues to work toward enhancing the effectiveness and flexibility of the financial sector in the Kingdom. It also aims to encourage innovation and improve the experience of financial transactions, aligning with its goals of increasing financial inclusion and providing financial services to various segments of society.

In recent years, the electronic payment sector in Saudi Arabia has enjoyed significant growth, driven by government investments and rapid technological advancements. Through its new licence, HyperPay reaffirms its commitment to working with SAMA to enhance the infrastructure of modern financial services and support the digital payment ecosystem, contributing to facilitating payment processes, as well as improving user experiences in the Kingdom.