RIYADH: The Saudi Central Bank has licensed Arab Sea Financial Co. and Fatoorah as financial technology firms able to provide payment services for e-commerce.

This brings the total number of payment companies licensed by the central bank, also known as SAMA, to 21, with an additional five companies granted an “in-principle approval”, SAMA said in a statement on Thursday.

This move comes as part of SAMA’s role to promote the fintech sector development and ensure its ultimate stability and growth, while complying with its regulatory requirements.

Arab Sea Information Systems Co.’s board of directors approved the establishment of Riyadh-headquartered digital payments limited liability company, on Sept. 17, 2020, Argaam reported.

Saudi Arabia’s e-invoicing project Fatoorah was launched on Dec. 4, 2021, for all taxpayers subject to VAT.