HyperPay gets nod to expand digital payments in Saudi Arabia

NOHA.GAD

Jan 9, 2025

SAMA granted license for HyperPay to expand its digital payment services in Saudi Arabia

Riyadh - Sharikat Mubasher: HyperPay, a pioneering online payment gateway headquartered in Riyadh, obtained a license from the Saudi Central Bank (SAMA) to expand and operate digital payment services via an electronic wallet in Saudi Arabia.

This license marks a significant move in enhancing HyperPay’s position in the growing digital payments market in the Kingdom, the company announced in a press release today.

This move came as part of SAMA’s strategy to support the fintech sector, as the bank continues to work toward enhancing the effectiveness and flexibility of the financial sector in the Kingdom.

Commenting on this achievement, Muhannad Ebwini, Founder and CEO of HyperPay, said: “Through this step, we aim to enable businesses to benefit from secure and seamless payment services, in line with the goals of Saudi Arabia's Vision 2030 to improve the efficiency of the financial system and support digital transformation."

Ebwini noted that obtaining the license from SAMA reflects the company’s ongoing efforts to expand its operations and offer services more widely, contributing to the growth of its customer base and reducing reliance on cash.

He further emphasized HyperPay’s commitment to innovation by developing advanced financial services that facilitate payment processes and simplify business transactions, ultimately supporting national economic growth.

HyperPay aims to support the transition to a less cash-dependent society by offering innovative payment solutions and advanced financial services that meet market needs and future aspirations.

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Riyadh - Sharikat Mubasher: Smart Mobility, a joint venture between Saudi-based Saleh Suleiman Alrajhi & Sons and FIT Hon Teng, officially broke ground on its new EV charger manufacturing facility at King Salman Energy Park (SPARK) in Dammam.The ceremony was attended by Mishal Al-Zughaibi, CEO of SPARK, Fahad Nawaf, CEO of Smart Mobility, and Sidney Lu, Chairman of FIT, according to an official statement.The 9,490-square-meter facility is scheduled for completion in the third quarter (Q3) of 2026 and will begin production in Q4, after finishing all required verification processes. The plant is expected to accelerate the Kingdom’s journey toward localized production of EV charging infrastructure.Smart Mobility also installed its high-quality chargers, serving as the park’s first EV charging station. This milestone demonstrates its technological capabilities and underscores its role as a key enabler in the transformation of the energy park.In his opening remarks, Al-Zughaibi emphasized SPARK’s commitment to becoming a leading hub for advanced energy and industrial technologies in the Middle East. “Located close to Saudi Arabia’s core energy infrastructure, SPARK offers a mature logistics ecosystem and proximity to Arabian Gulf ports. In the future, it will also connect to the GCC railway network, positioning it as a strategically important base for regional manufacturing, exports, and energy technology innovation,” he said.Meanwhile, FIT Chairman stated that the establishment of the Saudi factory represents not just a manufacturing site for FIT, but a long-term commitment to the Kingdom’s industrial development. "The creation of Smart Mobility and today’s groundbreaking ceremony are built on mutual trust and collaboration with joint-venture partner Saleh Suleiman Alrajhi & Sons. They also reflect CEO Prince Fahad’s clear strategic vision and steadfast leadership, which have been crucial in bringing the project to fruition."The Smart Mobility plant will produce multiple EV charging hardware models, supported by a Charging Point Management System (CPMS) that has undergone more than six months of field testing in Saudi Arabia. Together, these developments will strengthen the Kingdom’s local supply chain and support deployments across public and commercial sectors.Moreover, Smart Mobility announced that three EV charging products have received SASO certification, and its CPMS is expected to begin commercial operation in the first half of 2026.

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