SAMA Permits BNPL Company
البنك المركزي السعودي يصرح لشركة لمزاولة نشاط الدفع الآجل
The Saudi Central Bank (SAMA) announced on 10/12/2023 that it has permitted Aljeel Digital Information Technology Company ("JeelPay") to practice buy-now-pay-later (BNPL) activity. With this permit, the total number of companies permitted for this activity reaches seven, and the number of licensed/permitted finance companies in the Kingdom reaches 58. SAMA stated the decision supports and enables the BNPL, finance, and fintech sector and raises the effectiveness and flexibility of financial transactions, and it advised dealing only with institutions licensed or permitted by SAMA.
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