RIYADH: In a push to promote digital financial services, Saudi Arabia’s central bank has granted another license to Rasid Payments Co. for Financial Technology to provide payment solutions through point-of-sales devices. This brings the total number of payment companies licensed by the Saudi Central Bank, also known as SAMA, to 24, with an additional six companies granted “in-principle approvals”, according to a statement issued on Monday. This move comes as part of the central bank’s role to support and promote the fintech sector development and ensure its stability and growth. “SAMA remains focused on supporting and enabling the fintech sector within the regulatory and supervisory guidelines for enticing a new segment of investors and companies that could bring added value to the sector and the economy,” said a statement on the bank’s website. Last month, the central bank granted Creative Future for Digital Brokerage a license to carry out finance aggregation services in the Kingdom. In February, Riyadh-based fintech firm Raqamyah also received a license from SAMA, to offer its debt-based crowd-lending solutions to small and medium enterprises. The license was granted after the company successfully passed testing its solutions within the SAMA’s regulatory sandbox, an experimental environment dedicated to innovative financial products and services in Saudi Arabia. The bank’s licensing of fintech companies contributes to achieving the objectives of the Financial Development Sector strategy aligned with Vision 2030. The strategy, published last year, aims to bring the total number of operating fintech companies to 150 by the end of 2023 and to 525 by 2030. SAMA’s continuous support for payment services and fintech is aimed at increasing the efficiency of financial transactions, and promoting innovative financial solutions for financial inclusion in the Kingdom.