Finablr eyes Saudi expansion after BayanPay licence announcement - Arabianbusiness:
Finablr network brand BayanPay – a Saudi based digital payments firm – has been awarded a payment services provider licence by the Saudi Arabian Monetary Authority (SAMA), allowing it to offer digital wallets, e-commerce and SME business payment products in the kingdom.
BayanPay’s portfolio includes BayanPay Business, an online payments gateway services aggregator designed to provide a way to accept, process and disburse digital payments for B2B, B2C and B2G businesses in Saudi Arabia.
Additionally, the company offers BayanPay Wallet that enables users to make seamless payments. The service also allows for cross-border payments from Saudi Arabia, which according to the World Bank is the world’s second-largest remittance market.
“Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework,” said Finablr group CEO Promoth Manghat.
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