SAMA Issues Instructions for Practicing Aggregation Activity

البنك المركزي السعودي يصدر "تعليمات ممارسة نشاط الوساطة الرقمية"

The Saudi Central Bank (SAMA) issued "Instructions for Practicing Digital Brokering Activity," branching from SAMA's licensing rules for activities supporting the financing activity, as part of its supervisory role over digital brokering establishments and efforts to develop the finance sector and enable fintech. The instructions set minimum standards and procedures for practicing digital brokering, including requirements for accuracy and retention of information provided, an establishment's obligation to provide clients with a list of financing parties it deals with, and minimum requirements for contracts between the establishment and the client and between the establishment and the financing party. SAMA had previously published the draft instructions for public and specialist consultation for 15 days before reviewing feedback and adopting the final version.

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