MIS to launch operations at new FinTech unit by Q2 2023

19/03/2023 Argaam

MIS to launch operations at new FinTech unit by Q2 2023

Logo of Al Moammar Information Systems Co.

Al Moammar Information Systems Co. (MIS) announced it will launch operations at the new 100%-owned FinTech unit, MIS Pay, in Q2 2023, according to a statement to Tadawul.

 

In Dec. 2021, Al Moammar announced finalizing approvals and licenses to launch operations at its new FinTech company, according to Argaam.

 

The new FinTech unit will specialize in developing and providing solutions and services in financial technology and e-markets, in line with the best international practices. It will also embrace the new innovative ideas as well as the creative initiatives.

 

On March 16, the Saudi Central Bank (SAMA) gave the go-ahead for MIS to carry out the forward payment activity in the Kingdom. 

 

In September 2022, MIS board of directors approved establishing a new 100%-owned subsidiary in Riyadh, which would specialize in developing and providing solutions and services in FinTech and e-markets, Argaam reported.

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