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Paymob Gets Official Certification To Operate In Saudi Arabia

The fastest growing fintech in the MENA region has been issued with Saudi Arabian Payment Technical Services Provider certification.

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paymob gets official certification to operate in saudi arabia

Paymob, the MENA region’s leading fintech payment provider, has announced that it can now officially provide services in Saudi Arabia, after securing Payment Technical Services Provider (PTSP) certification.

The fintech startup opened an office in Riyad in April 2023, and being given the official go-ahead by the Saudi government represents a considerable milestone for Paymob and its regional expansion plans.

Since its foundation in 2015, Paymob has enabled over 200,000 small-to-medium businesses and e-commerce merchants across North Africa and the Middle East to accept payment via 40+ online and in-store methods.

The Kingdom of Saudi Arabia is home to over 1 million microbusinesses and small-to-medium enterprises and boasts a favorable growth rate of 12% per annum. As part of Saudi Arabia’s Vision 2030 strategy, the government plans to increase the contribution from small businesses to the country’s GDP from 20% to 35% while simultaneously boosting the amount of non-cash transactions to over 70% of the total consumer spend.

Saudi Arabia is also experiencing extremely rapid eCommerce growth, with year-on-year transaction volumes increasing by 65%. The country’s rapid digitization and favorable market conditions make it an excellent fit for digital payments enablers like Paymob, which has a proven history of providing highly-localized, cutting-edge solutions.

Also Read: A Guide To Digital Payment Methods In The Middle East

Islam Shawky, Co-founder and CEO of Paymob, was understandably enthusiastic about the recent certification: “Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us. It reflects Paymob’s commitment to our KSA expansion plans while serving merchants and entrepreneurs across the Kingdom to support their growth with cutting-edge financial technology solutions. We are excited to contribute to the emerging fintech ecosystem in Saudi Arabia and to play our part in driving the Kingdom’s digital transformation outlined in Vision 2030”.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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