Amazon company PayFort has announced the registration of a wholly-owned business in Saudi Arabia, through the Saudi Arabian General Investment Authority (SAGIA), making it a registered firm with a licence for payments solutions.
The new, foreign business licence is the first of its kind to be issued to a payment services operator.
The move was made in line with the company’s expansion plans in the kingdom, according to managing director Omar Soudodi.
He added that the diversification of Saudi Arabia’s economy will help grow the digital payments sector.
“Recent initiatives to further diversify the Saudi economy and grow hitherto undeveloped economic sectors, such as entertainment and tourism, are likely to help accelerate an already fast growing digital payments market,” he said.
Saudi Arabia and the UAE are the fastest growing markets in the region for electronic payments, according to PayFort State of Payments 2017 report.
Saudi Arabia conducted as much as $8.3 billion payment transactions in 2016, resulting in 27 percent year-on-year growth.
Electronic payments in the Kingdom are expected to double over the next four years to reach more than $22 billion.
In addition, the report revealed 40% of Saudis have an appetite for new financial companies and services.
PayFort allows buyers and sellers to make safe and secure online payments in the Arab world.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.