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Transfering funds from Saudi Arabia now at your fingertips with Virgin MobileMENA

Transfering funds from Saudi Arabia now at your fingertips with Virgin Mobile

Virgin Mobile has signed up as a ‘strategic agent’ with Saudi Investment Bank (SAIB) to enable mobile-based financial services in Saudi Arabia.

Through its mobile platform, Virgin Mobile will facilitate international remittances for its customers. This has been approved by the Saudi Arabian Monetary Authority (SAMA), making Virgin Mobile the first company in the Kingdom to be granted such a license.

Similar initiatives have been launched in other GCC countries as the UAE allowed for the proliferation of neo-banks, while Oman has enabled the launch of life insurance plans compatible with mobile services.

why it matters
SAMA seems to currently be in licensing overdrive as it has recently issued a micro-lending license to another entity as well, indicating that the FinTech industry in the GCC is finally catching up with global evolutions.