Signing new agreements with Wazen Company
September 14, 2023
“Wazen Financial” company has obtained the approval of the Saudi Central Bank “SAMA” – Saudi Payments, to act as a service provider to enable stores to accept payments – Mada – and thus, “Wazen Financial” is the first Saudi company specialized in accounting systems to obtain this approval.
The CEO of “Wazen Financial” Engineer Sami Al-Mowaihi, expressed his happiness with this achievement. He stressed that this license will enhance the company's work to automate the financial sector, facilitate the payment experience for customers, raise the level of quality of financial processing for commercial establishments, and make the process of payments and daily budgets for merchants and entrepreneurs fully automated after linking payment receivers to POS devices.
Al-Mowaihi added: Wazen Capital is a financial startup that employs financial technology “fintech” to contribute to the success of digital transformation plans. In order to achieve the vision of 2030 AD and find solutions to the challenges facing the business sector, it was established in 2020 AD, and launched its first product in December 2021 AD; It is the “Wazen ERP” service.
And he added: During this period, “Wazen” succeeded in covering the needs of many business sectors, and we noticed a problem in the lack of synchronization of payment devices with accounting systems, so we worked on developing “Wazen Pay” to integrate all payment methods into one comprehensive solution, and we started working with the Central Bank for approval.
Al-Mowaihi praised the great support provided by our rational government to the startups, which was represented in the support of the Saudi payments team for the company, and the guidance and support they provided during the product testing period until obtaining approval in a short time - thanks to God - indicating that the company is now working to provide a new service linked to banks through the open banking system recently approved by the Central Bank. By this, all payment methods and bank accounts will be synchronized with accounting systems, and “Wazen” is considered the first platform to provide an integrated solution to these challenges.
Regarding partnerships and strategies, Al-Mowaihi confirmed that “Wazen” has many strategic partnerships with government agencies and other emerging companies, to develop the financial sector, starting with obtaining the approval of the Zakat and Customs Authority for the electronic invoice system and linking with the Food and Drug Authority through the “Rasd” system, and integration with The Ministry of Commerce in the services of the commercial registry and financial statements.
“Wazen” works side by side with the Chartered Accountants through the Etikal platform. “Wazen” also integrates with local and international store and application service providers and financing agencies. To make the financial system integrated into one comprehensive platform.
The CEO of “Wazen Financial” Engineer Sami Al-Mowaihi, expressed his happiness with this achievement. He stressed that this license will enhance the company's work to automate the financial sector, facilitate the payment experience for customers, raise the level of quality of financial processing for commercial establishments, and make the process of payments and daily budgets for merchants and entrepreneurs fully automated after linking payment receivers to POS devices.
Al-Mowaihi added: Wazen Capital is a financial startup that employs financial technology “fintech” to contribute to the success of digital transformation plans. In order to achieve the vision of 2030 AD and find solutions to the challenges facing the business sector, it was established in 2020 AD, and launched its first product in December 2021 AD; It is the “Wazen ERP” service.
And he added: During this period, “Wazen” succeeded in covering the needs of many business sectors, and we noticed a problem in the lack of synchronization of payment devices with accounting systems, so we worked on developing “Wazen Pay” to integrate all payment methods into one comprehensive solution, and we started working with the Central Bank for approval.
Al-Mowaihi praised the great support provided by our rational government to the startups, which was represented in the support of the Saudi payments team for the company, and the guidance and support they provided during the product testing period until obtaining approval in a short time - thanks to God - indicating that the company is now working to provide a new service linked to banks through the open banking system recently approved by the Central Bank. By this, all payment methods and bank accounts will be synchronized with accounting systems, and “Wazen” is considered the first platform to provide an integrated solution to these challenges.
Regarding partnerships and strategies, Al-Mowaihi confirmed that “Wazen” has many strategic partnerships with government agencies and other emerging companies, to develop the financial sector, starting with obtaining the approval of the Zakat and Customs Authority for the electronic invoice system and linking with the Food and Drug Authority through the “Rasd” system, and integration with The Ministry of Commerce in the services of the commercial registry and financial statements.
“Wazen” works side by side with the Chartered Accountants through the Etikal platform. “Wazen” also integrates with local and international store and application service providers and financing agencies. To make the financial system integrated into one comprehensive platform.