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Saudi Central Bank Allocates Payment Licenses To Network International Arabia and Barraq
The Saudi Central Bank (SAMA) licensed “Network International Arabia” to provide payment services through points-of-sale (POS), and “Barraq” to offer e-wallet services. With the addition of these two companies, there are now 27 licensed companies offering payment services in Saudi
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Saudi Central Bank Issues Rules for BNPL Companies
The Saudi Central Bank (SAMA) announces the issuance of the “Rules for Regulating Buy Now Pay Later (BNPL) Companies,” as part of its role in supervising and controlling the BNPL companies. This decision reflects SAMA’s continuous efforts to develop the
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The Saudi Central Bank Permits Additional BNPL Company
The Saudi Central Bank (SAMA) permitted “Tabby” to provide Buy Now Pay Later (BNPL) solutions. With Tabby, there are now five authorized companies offering BNPL solutions in Saudi Arabia. The BNPL solutions provide finance to customers wishing to buy products
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Saudi Central Bank Finalizes Regulations for Law of Payment Services
The Saudi Central Bank (SAMA) announces the issuance of the Implementing Regulations for the Law of Payments and Payment Services to support the objective of enhancing soundness and efficiency of the payment systems infrastructure in Saudi Arabia. The relevant regulatory
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Saudi Central Bank Permits New BNPL Company
The Saudi Central Bank (SAMA) granted “Tamara” a permit to provide Buy Now Pay Later (BNPL) solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law. With Tamara, there are now four authorized companies offering BNPL solutions. SAMA
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Saudi Central Banks Permits First Time BNPL Companies
The Saudi Central Bank (SAMA) granted “Spotii” and “Madfu” permits to carry out Buy Now Pay Later (BNPL) solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law for providing finance to customers wishing to purchase products or
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Saudi Central Banks Seeks Public Consultation on BNPL Regulation
The Saudi Central Bank (SAMA) seeks public consultation on the draft “Rules for Regulating Buy Now Pay later (BNPL) Companies.” In the interest of transparency and wider participation, SAMA invites stakeholders and public to provide suggestions and observations on the
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Saudi Central Bank Continues CBDC Trials
The Saudi Central Bank (SAMA) continues to experiment on Central Bank Digital Currency (CBDC) as it is currently working on a phase of a project that focuses on domestic wholesale CBDC use cases in collaboration with local banks and fintechs.
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Saudi Central Bank Launches Open Banking Lab
The Saudi Central Bank (SAMA) announced the launch of the Open Banking Lab according to the Open Banking Framework issued by SAMA November 2022. The Open Banking Lab aims to enable innovation and accelerate the development of open banking services
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Saudi Central Bank Licenses New Fintech Company Specialized in Debt-Based Crowdfunding
The Saudi Central Bank (SAMA) announced the licensing of Manafa – a finance company specialized in debt-based crowdfunding in the Kingdom. Manafa is a closed joint-stock company with a capital of SAR 40 million. The license was granted to the
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