Rules for Regulating Buy-Now-Pay-Later (BNPL) Companies

Release Date:	2023-12-17
Release Tool:	Councils and commissions decisions
Validity:	Valid
Summary:	By AI The Saudi Central Bank issued regulations for payment companies in November 2023, aimed at defining the requirements and procedures for obtaining a license to engage in deferred payment activities. Engaging in the activity without a license is prohibited, and the submission of documents such as the application form and the commercial register is required. A minimum capital of five million riyals is required, with the possibility of this limit being amended by the Saudi Central Bank. Candidates m...

Release Date:

2023-12-17

Release Tool:

Councils and commissions decisions

Validity:

Valid

Summary:

By AI

The Saudi Central Bank issued regulations for payment companies in November 2023, aimed at defining the requirements and procedures for obtaining a license to engage in deferred payment activities. Engaging in the activity without a license is prohibited, and the submission of documents such as the application form and the commercial register is required. A minimum capital of five million riyals is required, with the possibility of this limit being amended by the Saudi Central Bank. Candidates m...