The Saudi Arabian Monetary Authority (SAMA), has officially licensed AlinmaPay, the flagship smart digital wallet from the Saudi Financial Technology Company, as an approved digital wallet service in Saudi Arabia. The approval falls within the framework of SAMA’s support for the financial technology (Fintech) sector, and is in line with key objectives of the kingdom's Vision 2030 initiative as well as its Financial Sector Development Program 2020, such as raising the level of financial inclusion and increasing technical accreditations in the field of financial payments.
AlinmaPay brings convenience and ease to consumers lives, and functions as a fully digital, standalone wallet that does not require a bank account. Furthermore, it is the first digital wallet in the kingdom that allows users to issue digital cards instantly that are compatible with the mada and Visa networks as well as Apple Pay and mada Pay.
In addition to online, in-store, and in-app purchasing capabilities, AlinmaPay provides users with a rich set of features that help simplify their financial lives. These include bill payments, domestic and international transfers, cash withdrawals any of Alinma Bank’s 1500+ ATMs, bill splitting, and peer-to-peer payment requests to users’ smart device contact lists.
AlinmaPay was developed by the Saudi Financial Technology Company, a wholly owned subsidiary of Alinma Bank that was launched in 2019 to address issues related to the kingdom's Vision 2030 initiative, such as the need to enhance financial inclusion in Saudi society and to increase the number of non-cash payment solutions available to consumers.
The company’s launch itself was well received, with Governor of the Saudi Arabian Monetary Authority, Dr. Ahmed bin Abdul Karim Al-Khulaifi, lauding its efforts to bring much needed digital transformation to the financial lives of consumers in the kingdom.
The Saudi Financial Technology Company works independently with numerous financial institutions to provide Fintech services, and is working to bring a number of innovative solutions to the market in the near future.