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MarketScreener Homepage  >  Equities  >  Nyse  >  Sea Limited    SE

SEA LIMITED

(SE)
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Delayed Quote. Delayed Nyse - 11/24 04:10:00 pm
176.92 USD   -3.28%
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Sea : Saudi Payments, JCB hold partnership to enable the acceptance of its cards through "mada"

07/21/2020 | 02:02am EST

Riyadh & Tokyo, Jul 21, 2020 - (ACN Newswire) - - Saudi Payments, Saudi Arabian Monetary Authority (SAMA) subsidiary, and the operator of national payment network (mada), has partnered with JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB Co. Ltd., to enable the acceptance of JCB cards in the Kingdom as part of its policy in opening the way for global payment companies and systems to enter the local market in order to support its strategy to enrich the payments environment in the Kingdom and provide modern payment methods in a way that reduces cash and raising the level of competition in this sector, in addition to its consistency with the goals of Vision 2030 in serving religious visitors and tourists and providing them with various payment methods.

This partnership will enable mada network to accept JCB payments through the platform. This will facilitate local acquiring banks to accept JCB cards through their network of Point of Sale Terminals and ATM terminals deployed throughout Saudi Arabia and also provide greater convenience for JCB's growing cardholders in Islamic markets such as Indonesia.

As part of its commitment and confidence in the Kingdom's ever-expanding payments ecosystem, JCB will also be opening an office in Riyadh to develop and enhance its presence in the Saudi Arabian market.

"Saudi Arabia is the most significant market for JCB to expand the issuance of JCB cards in the Islamic region. Saudi Arabia is one of the most important travel destination for our cardholders. With the Kingdom's enhanced Vision 2030 strategy and the ever-increasing close ties between Saudi Arabia and Japan, I am delighted that we have entered into this partnership with Saudi Payments for the acceptance of JCB cards," said Mr. Yoshiki Kaneko, President and COO of JCBI. "Over the coming months we will be announcing partnerships with local banks to expand our acceptance infrastructure in Saudi Arabia, to cater for both the business and touristic needs of our cardholders."

Ziad Al Yousef, Managing Director of Saudi Payments said: "This partnership is vital step to enhance the digital payment infrastructure in the Kingdom, by providing more options for customers. At the same time, our partnership with JCB aims to enable mada network to accept JCB cards, which will be used through sale points. Based on this step, we seek to transform our society into a less cash dependent."

About Saudi Payments

Saudi Payments, a wholly owned subsidiary of the Saudi Arabian Monetary Authority, was founded to operate and develop all major national payment systems.

Since its establishment in 1991 under the name of the "General Department of Payment Systems" at the Monetary Authority, the real launch of Saudi Payments as a Company came in 2018 has played a vital role in enabling the public and private sectors to connect with domestic and international payment services, helping to develop the Kingdom's payment infrastructure.

Saudi Payments provides fast, flexible, and safe electronic payment services at low cost, through mada, Sadad, Esal and Sarie systems, enhancing the national electronic payment infrastructure and reducing cash transactions.

Saudi Payments supports the government's Financial Sector Development Program, a part of the Kingdom's Vision 2030 Program. Saudi Payments operates to international standards, connecting local and international service providers with payment networks, reducing the need for cash payments.

About JCB

JCB is a global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 34 million merchants as well as cash advance locations around the world. JCB cards are now issued in 24 countries and territories, with more than 140 million cardmembers. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. www.global.jcb/en/

For more information for media:

JCB

Kumiko Kida, Ayaka Nakajima

Corporate Communications

Tel: +81-3-5778-8353

Email: jcb-pr@jcb.co.jp

SAUDI PAYMENTS

Showmer Alshowmer

External Communication Manager

Saalshowmer@saudipayments.com

T +966-11-8292000-2045

Copyright 2020 ACN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

Stocks mentioned in the article
ChangeLast1st jan.
SEA LIMITED -3.28% 176.92 Delayed Quote.339.88%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 1.62% 3204 End-of-day quote.-20.65%
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Financials (USD)
Sales 2020 4 277 M - -
Net income 2020 -1 353 M - -
Net cash 2020 2 835 M - -
P/E ratio 2020 -54,4x
Yield 2020 -
Capitalization 87 392 M 87 392 M -
EV / Sales 2020 19,8x
EV / Sales 2021 13,1x
Nbr of Employees 29 800
Free-Float 12,7%
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 194,65 $
Last Close Price 176,92 $
Spread / Highest target 30,0%
Spread / Average Target 10,0%
Spread / Lowest Target -42,9%
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Managers
NameTitle
Xiao Dong Li Chairman & Group Chief Executive Officer
Gang Ye Group Chief Operating Officer & Director
Tian Yu Hou Group Chief Financial Officer & Director
Yu Xin Ren Director
David Heng Independent Director
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