Finablr brand gets license from Saudi Arabian regulator


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • BayanPay, a brand of Finablr, has been given a license by the Saudi Arabian Monetary Authority (SAMA) to operate in the online money transfer sector
  • BayanPay is a significant player in the region’s financial services scene and offers everything from e-wallet services to business to business payment platforms
  • “We look forward to supporting SAMA in pursuit of their vision to promote innovation in the financial sector as we work toward shaping the future of the digital payments landscape within the Kingdom”, said a senior Finablr figure

A brand owned by major financial services holding firm Finablr has been given a license by a major Saudi Arabian regulator.

BayanPay, which operates in the online money transfer sphere, has been told by the Saudi Arabian Monetary Authority (SAMA) that it can offer payments services in this field.

As a result, BayanPay will now be able to provide more services than it had before.

The firm has all kinds of services, which have been described in the industry press as “portfolio solutions”, on its side.

One such service is BayanPay Business, which provides digital payment solutions to both business to business and business to consumer firms in the Middle Eastern country.

The BayanPay Wallet offer, meanwhile, permits people in Saudi Arabia to make payments which are international in nature.

According to Promoth Manghat, who serves as the group chief executive officer of Finablr, the new service will help Saudi Arabia reach its goal of turning into a “cashless society” – and will help it reach its “strategic objectives”.

“Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework”, Manghat said.

“Through BayanPay, Finablr will support the Kingdom’s strategic objectives of becoming a cashless society, one of the goals of the Financial Sector Development Program under Saudi Vision 2030.

“We look forward to supporting SAMA in pursuit of their vision to promote innovation in the financial sector as we work toward shaping the future of the digital payments landscape within the Kingdom”, Manghat added.

For BayanPay, Fahad Al Fawaz – who is the brand’s chairman and founder – said that the move is a chance for the brand to become “a leading player”.

“Finablr’s experience, expertise and global network, underpinned by its technology leadership, will enable BayanPay to take the next step in becoming a leading player in Saudi Arabia’s digital payments space, he said.

“In line with Saudi Vision 2030, our digital solutions support the development and diversification of the economy by enhancing payment efficiencies for consumers, businesses and the government.”

“Convenience, reliability and a seamless experience are among the many benefits our digital payments ecosystem will provide to customers”, he added in the statement.

The international money transfer industry can be full of twists and turns, and it’s important for professionals and others interested in this sphere to stay ahead of the curve. Keep up-to-date by checking out our news pages.

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