Riyadh – Sharikat Mubasher: The Saudi Central Bank (SAMA) announced it has granted Malaa Tech a license to provide payment account information services, one of the key services under Saudi Arabia's open banking framework.

According to SAMA’s announcement, this approval raises the total number of licensed payment service providers in the Kingdom to 33, highlighting the continued expansion of Saudi Arabia's digital financial ecosystem.

SAMA said the decision aligns with its strategy to support the growth of the payments sector, improve the efficiency of financial transactions, and encourage the development of innovative financial services that enhance financial inclusion across the Kingdom.

SAMA also reiterated the importance of dealing only with licensed and authorized financial institutions and encouraged customers to verify service providers through its official register.

Open banking enables licensed providers to securely access customers' financial data, with their consent, to develop new financial products and services, helping to foster competition and innovation in the financial sector.