Riyadh – Sharikat Mubasher: The Saudi Central Bank (SAMA) permitted Tabby company’s, a leading buy now, pay later platform based in the UAE, to enter into the Saudi fintech scene.

Saudi Arabia is fast becoming an attractive destination for regional fintech heavyweights thanks to the Kingdom’s carefully regulated operations to ensure ease of doing business in an environment conducive to investments.

Tabby is one of the key fintech players to have obtained a permit from SAMA to expand its operations to the Kingdom.

“Millions of people in Saudi Arabia rely on Tabby today, so it’s an incredibly important step to crystalize our foundations in the Kingdom and continue building toward financial freedom for our community,” Hossam Arab, CEO of Tabby, commented.

Tabby has outlined ambitious strategies to reinforce its standing in the Saudi market.

“Having obtained the permit, we are even more excited about the opportunities it presents and our potential for further growth in the Saudi market as we work closely with the regulator in order to further enhance and diversify our offering by introducing new features and flexible payment options that cater to the evolving needs of our customers,” Arab added.

It is worth noting that Tabby’s strategies perfectly align with the Kingdom’s aspirations to drive financial inclusion and literacy as a cornerstone of the country’s economic growth.

With Tabby’s permit, the Kingdom now has five authorized companies offering BNPL solutions, boosting its plans to become a regional fintech hub.

Under the Kingdom’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% of all financial dealings.