BayanPay founded in 2018 and based in Riyadh, Saudi Arabia, is a prominent fintech company dedicated to transforming the digital payments landscape in the Kingdom. Established by Fahad Al Fawaz, the company aligns closely with Saudi Arabia’s Vision 2030, which aims to vastly increase cashless transactions and modernize the financial sector.
The Founder: Fahad Al Fawaz
Fahad Al Fawaz is a visionary entrepreneur with a strong background in finance and digital innovation. His leadership and insight have been central to BayanPay’s growth and reputation as a trustworthy digital payments provider. He envisioned BayanPay as a technology-first company that could support economic diversification and financial inclusion through efficient and secure digital payment solutions.
How BayanPay Started and What It Does
BayanPay was created to meet Saudi Arabia’s accelerating demand for e-commerce and electronic payments. The company developed an aggregation model payment gateway called BayanPay Business, which enables businesses of all types B2B, B2C, and B2G, to accept and process digital payments smoothly. Alongside, BayanPay Wallet offers an innovative e-wallet service that facilitates seamless transactions, including cross-border payments, which is significant given Saudi Arabia’s status as a major remittance market.
Achievements and Regulatory Milestones
One of BayanPay’s major milestones came in early 2020 when it received a payment services provider license from the Saudi Arabian Monetary Authority (SAMA). This licensing followed BayanPay’s successful graduation from the SAMA regulatory sandbox, which tested and validated its technology and compliance. The license allows BayanPay to offer digital wallets and payments gateway services legally and securely throughout Saudi Arabia.
In 2019, BayanPay’s majority stake was acquired by Finablr, a global payments technology group. This acquisition enhanced BayanPay’s technological capabilities and global network, enabling it to better serve the Kingdom’s growing digital payments market with international expertise and innovation support.
Impact and Customer Benefits
BayanPay significantly contributes to Saudi Arabia’s goal of becoming a cashless society, as outlined in Vision 2030. The company offers users a secure, fast, and easy-to-use platform for digital transactions, which reduces dependency on cash, increases convenience, and boosts overall financial inclusion. Businesses benefit from streamlined payment processes, enabling them to serve customers efficiently, while consumers enjoy reliable access to modern payment tools, including cross-border transfers.
Future Goals and Vision
BayanPay plans to expand its digital services portfolio and introduce further innovations in digital payments. The company aims to extend its reach across more sectors and demographic groups, pushing for greater financial inclusion and digital adoption throughout the Kingdom. BayanPay continues to develop technology solutions that support the digital economy’s growth and contribute to the ambitious target of increasing non-cash payments to 70 percent by 2030.
BayanPay, under Fahad Al Fawaz’s leadership, is a pivotal force in Saudi Arabia’s fintech ecosystem. Through cutting-edge technology, regulatory compliance, and strategic partnerships, it is driving the transformation towards a digitally empowered economy that benefits businesses and consumers alike.
