AS&H in cooperation with Clifford Chance advises Bank Albilad on the successful carve out of its remittance business, Enjaz, into a new payment services company

The new company has been licensed by the Saudi Central Bank (SAMA) as a major electronic money institution (EMI) under its Payment Service Provider Regulations

This mandate aligns with the Kingdom’s vision of encouraging innovation in financial services by supporting opportunities for growth and economic development whilst also increasing the focus on payment services to help empower the Fintech sector.

The AS&H team was led by Partners Mansoor AlHagbani and Sahel Mughal with support from Senior Associates Mohammed Al-Esheikh and Abdulrahman AlRashed, and Associates Ismaila Ngum, Abdullah AlHuwayshan, Naif AlSheikh, Nawaf Mutwalli and Khaled AlBakr.

AS&H in cooperation with Clifford Chance is one of the leading firms in this sector, having advised on a number of Fintech and payments mandates in the Kingdom. We have advised Bwatech on the rollout of its SAMA-approved innovative payment solution, a strategic investor in the new Saudi D360 digital bank, and SAMA in relation to the SADAD payment system, among others.

The firm’s expertise extends to both the MENA region and beyond, with Clifford Chance being the only firm rated by Chambers as Band 1 for Fintech, both in the UAE and globally.