SAMA licenses Lite Advanced Financial for e-wallet services

Payment partners must verify Lite Advanced Financial as SAMA-authorised

Financial Services Fintech & Payments
SAMA ·
Change
SAMA licensed Lite Advanced Financial to provide e-wallet payment services, bringing the number of licensed payment-service companies in Saudi Arabia to 32.
Why it matters
The licence adds Lite Advanced Financial to Saudi Arabia’s authorised payment-service provider perimeter. Merchants, platform partners and compliance teams must verify e-wallet and payment-service relationships against SAMA’s authorised-institution list before treating a provider as permitted.
Implications
  • — Lite Advanced Financial may provide e-wallet services in Saudi Arabia within the scope of its SAMA licence.
  • — Merchants and platform partners using e-wallet services in Saudi Arabia must verify Lite Advanced Financial against SAMA’s authorised financial institutions list before onboarding or promoting the service.
  • — Compliance teams at Saudi payment and fintech firms must update authorised-provider checks to include Lite Advanced Financial for payment-service counterparty review.

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SAMA
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