Thursday 1 of December, 2022
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KSA’s Urway Becomes First Fintech Certified After New Regulations

The fully-integrated platform gives online merchants the power to monetise their services and offers a secure seamless payment solution for e-commerce websites.

Startup Scene

In November of last year, Saudi Arabia put in place a number of new regulations and rules that overhauled the prior policies of the payment sector. The new payments law and services will have wide-ranging effects on the payments industry, introducing a new set of tools, procedures and rules that open the door to new opportunities. The first fintech to be certified following the new regulations is Saudi-based Urway, securing the Electronic Merchant Service Provider – Payment Technical Service Provider certificate (eMSP – PTSP #PTSP001) from Saudi Payments.

The fully-integrated platform gives online merchants the power to monetise their services and offers a secure seamless payment solution for e-commerce websites. Urway uses state-of-the-art e-payment technology that features the most popular payment schemes. 

The license and certificate was granted by Saudi Payment, the national payment infrastructure plan operator in the kingdom, a subsidiary of the Saudi Central Bank (SAMA). It was founded to aid in the digitisation of Saudi Arabia’s payment ecosystem, standardizing e-payment solutions for all businesses.