Riyadh – Mubasher: PAYFORT, a subsidiary of Amazon Company, has obtained the Saudi Arabian General Investment Authority's (SAGIA) approval for establishing a new firm to provide payment solutions in the kingdom's financial service sector.
“PayFort’s new company registration as a foreign investor in the Kingdom of Saudi Arabia is a sign of our long-term commitment to the market and comes as a result of our efforts to support the rapid growth in the country’s online sectors,” said Omar Soudodi, Managing Director of PAYFORT.
Saudi Arabia and the UAE are the fastest growing markets in e-payments, according to PayFort State of Payments 2017 report.
The report highlighted that Saudi Arabia’s e-payments amounted to about $8.3 billion during 2016 with 27% year-on-year increase compared to the previous two years.
E-payments in Saudi Arabia are expected to rise in the coming four years to exceed $22 billion, the report said.
“More than 40% appetite for new financial companies and services among Saudis, this is particularly significant for PayFort and attests the importance of investing in the country,” Amazon Payments expansion Srinivas Rao stated.
