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.