Saudi Central Bank Licenses Mala”a Information Technology for Open Banking Payment Services

The Saudi Central Bank (SAMA) has officially granted a license to "Mala'a Information Technology" to provide payment services through payment account information services, a key service component of the Kingdom's Open Banking framework.

With this authorization, the total number of companies licensed by SAMA to operate in the payment services sector in the Kingdom of Saudi Arabia has reached 33.

This decision aligns with SAMA's strategic efforts to support and empower the payments sector, enhance the efficiency and flexibility of financial transactions, and foster innovation in financial services. The overarching objective is to drive financial inclusion and ensure financial services are accessible across all segments of society.

The Saudi Central Bank reiterated the critical importance of dealing exclusively with licensed or authorized financial institutions, noting that verified providers can be checked directly on SAMA's official website.