RIYADH: Reflecting its endeavor in supporting the fintech sector, the Saudi Central Bank has given the buy-now-pay-later platform Tabby a permit to run postpaid payment activity. According to a statement from the bank, also known as SAMA, this means the Kingdom now has five authorized companies offering BNPL solutions, boosting its plans to become a regional fintech hub. The new permit also affirms SAMA’s commitment to support the sector by improving operational efficiency and fostering innovative financial solutions to promote inclusivity in Saudi Arabia, said the statement. The bank is expecting to draw a new group of investors and companies to the Kingdom that can bring added value to the sector and the economy. The central bank is also working on using technology in financial services to support Saudi Arabia’s broader goals as it pushes ahead with the Vision 2030 economic diversification strategy. Under the Ministry of Finance’s national fintech strategy, the number of firms in the sector is expected to increase from 82 in 2022 to 230 by 2025. The plan also seeks to increase the fintech sector’s contribution to the gross domestic product to SR4.5 billion ($1.2 billion) and create nearly 6,000 jobs by 2025, besides increasing the share of digital transactions to 70 percent of all financial dealings. SAMA granted permits to Tamara at the beginning of July, to provide consumer finance through the BNPL platforms, which will also attract a new segment of investors and value-added firms to achieve more efficient operations. In May, the bank also gave permits to Spotii and Madfu to provide consumer finance through the BNPL platforms.