Riyadh - Mubasher: Morabaha Marina Financing Company noted that the Saudi Central Bank (SAMA) has renewed the operating license for its subsidiary, Digital Payments Company for Fintech (Loop).
The renewal authorizes the subsidiary to continue its activities as a large electronic wallet provider within the Kingdom of Saudi Arabia.
The renewed license is valid for a duration of five years, extending until 1 December 2030.
This regulatory approval allows Loop to maintain its licensed payment service operations in accordance with the rules and instructions issued by SAMA.
Morabaha Marina Financing stated that it does not anticipate a direct material financial impact on its consolidated financial statements resulting from this license renewal.
The company confirmed that the subsidiary will continue to operate its digital payment services under the existing regulatory framework governing fintech activities in the Saudi market.
The subsidiary’s capital was recently raised from SAR 19.50 million to SAR 49.38 million, representing a total increase of SAR 29.88 million or 153.21%.
