The Saudi Central Bank "SAMA" announced the licensing of "Malaa' for Information Technology" to engage in payment services activity through payment account information services, one of the services associated with open banking.

Thus, the total number of companies currently licensed to conduct payment services activity in the Kingdom becomes 33 companies.

This comes in the context of the Central Bank's efforts to support and empower the payment sector; to raise the level of efficiency and flexibility of financial transactions, and encourage innovation in the financial services provided; with the aim of enhancing the level of financial inclusion and access of financial services to all segments of society.

The Saudi Central Bank stressed the importance of dealing with financial institutions licensed or authorized by it, and this can be verified by visiting the "SAMA" website.

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