finpeel Answers · KSA · updated 2026-08-14
Yes, if the wallet involves regulated payment-account or electronic-money services. SAMA licenses payment service providers under the Law of Payments and Payment Services and its Implementing Regulations, including electronic-money institutions.
The licence depends on what the wallet actually does: holding electronic money, issuing a payment account, transferring funds or providing other payment services can determine the relevant permission.
A closed technical interface over a bank or licensed PSP wallet can have a different perimeter if the fintech does not itself issue or provide the regulated service.
Regulator: Saudi Central Bank (SAMA)
Primary sources: SAMA — Law of Payments and Payment Services · SAMA — Implementing Regulations of the Law of Payments and Payment Services
Directional — not legal advice. Verify with the regulator before committing.
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