The Etihad Etisalat Company, better known as Mobily Pay, has announced that the Etihad Fintech Com/6pany, or Mobily Pay, has been authorized by the Saudi Central Bank (SAMA) to handle pa/6yments and e-wallet services, providing consumers and corporations with a variety of financial s/6olutions.
The declaration was made on the sidelines of the recent Global Entrepreneurship Congress, which was hosted in Riyadh under Crown Prince Mohammed bin Salman’s sponsorship.
SAMA’s license of Mobily Pay is in line with the telecom company’s goal of diversifying its services and business portfolio across different industries, with fintech being a key part of that strategy.
What The License Means For Mobily Pay Users
According to the license, Mobily Pay will provide users with digital financial services such as making and receiving money transfers inside Saudi Arabia and overseas, bill payments, and bank card issuance. The new service is meant to make the customer experience better by giving them easy-to-use, fast, and convenient digital channels for financial transactions.
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“We express our heartfelt gratitude to King Salman and Crown Prince Mohammed bin Salman for the plethora of programs and initiatives that are boosting the growth and progress of the Saudi economy, such as the Financial Sector Development Program as part of Vision 2030,” said Salman Al-Badran, CEO of Mobily. “I’d also want to thank Fahad Al-Mubarak, governor of the Saudi Central Bank; Dr. Fahad Ibrahim Al-Shathri, deputy governor for supervision; and the Department of Supervision of Payment Systems and Enterprises at SAMA for their unwavering support and collaboration with fintech companies.”
About Mobily Pay
Mobily Pay is a completely owned subsidiary of Mobily that was founded to meet the demands of clients by providing comprehensive individual and business fintech solutions. Mobily Pay solutions are planned to be made available to all consumers across the Kingdom via major app stores on smart devices, with further information about the company’s capabilities to be released soon.
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“At Mobily, we build our strategy on multiple digital transformation channels, trying to further boost Saudi Arabia’s digitization and modernization activities as part of Vision 2030.” In a statement, Al-Badran said that “the licensing of Mobily Pay shows that we are on the right track of growth and development in a number of industries.” It also shows that Mobily can offer new and innovative services in telecom and finance.
Mobily, which was founded in 2005, has one of Saudi Arabia’s largest wireless networks and one of the world’s largest data center systems, both of which are very large.