SAMA licenses new payment fintech company

Written by The Frontier Post

RIYADH (Agencies): The Saudi Central Bank (SAMA) announced on Sunday the licensing of a new financial technology (Fintech) company in the field of payments under the name “al-Hulul al-Shamilah Finance” to provide payment services through the SADAD system.
This brings the total number of payment companies licensed by SAMA to 14, in addition to 7 companies that obtained the initial approval.
SADAD is a central system for displaying and paying invoices, and making a variety of other payments, developed by SAMA.
The Central Bank aims to attract a value-adding new segment of investors and companies to strengthen and contribute to the growth of the sector through compliance with SAMA’s regulatory requirements.
It encourages innovation in financial services, and increasing efficiency in financial transactions including enhancing the level of financial inclusion in the Kingdom.
US investment firm plans to take over Telecom Italia: KKR & Co., an American global investment company, plans to buy all of Telecom Italia, Bloomberg reported citing sources familiar with the matter.
The move aims at revamping the Italian telecommunications company that’s seen its market value fall more than 8 percent to €7.4 billion ($8.4 billion) this year.
The US company plans to separate out Telecom Italia’s network business in order to get a solid revenue stream from regulated tariffs, the sources said.
Spokespeople for Telecom Italia and KRR declined to comment.
Saudi EXIM Bank signs MoU with HSBC, SABB: Saudi EXIM Bank announced on Sunday that it signed a memorandum of understanding with HSBC Bank and Saudi British Bank to advance trade and export financing and credit insurance. The partnership is in line with Saudi EXIM Bank’s objectives to boost the export of Saudi products and services.
The bank’s CEO, Saad Alkhalb, said the collaboration with HSBC and SABB is a significant step toward achieving EXIM Bank’s goal to build effective partnerships with national and international financial institutions.

Saudi competition authority approves the acquisition of fast-food chain Kudu
RIYADH: Saudi General Authority for Competition approved today the acquisition of Saudi’s fast-food chain Kudu Food and Catering Co. by Tahalof Al Tamm Investment Co., according to the authority’s Twitter account.

The authority had approved 101 acquisitions since the beginning of 2021, which is the highest number of approved acquisitions within one year the authority achieved since its establishment, Argaam reported, citing GAC’s spokesman, Saad Al Masoud.

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