‎Arab Sea kicks off operations of Arab Sea Financial

‎Arab Sea kicks off operations of Arab Sea Financial

Arab Sea Information Systems Co. announced the launch of commercial operations of its subsidiary Arab Sea Financial Co. and the kick-off of its new identity "SeaPay", the company said in a statement to Tadawul today, July 25.

The subsidiary also implemented the first e-payment transaction on its platform today, said the company, clarifying that Arab Sea Financial is a financial payments firm, licensed by the Saudi Central Bank to provide secure e-payment services, contributing to the digital transformation of its customers.

In June, Arab Sea’s board of directors approved by circulation Arab Sea Financial’s request to raise its capital from SAR 5 million to SAR 15 million, through capitalizing the incorporation expenses, with the remaining amount covered from the former’s resources in order to support the subsidiary’s financial position, Argaam earlier reported.