SAMA Issues Rules for Regulating Buy Now Pay Later (BNPL) Companies
البنك المركزي السعودي يصدر قواعد تنظيم شركات الدفع الآجل (BNPL)
On 17/12/2023, the Saudi Central Bank (SAMA) issued rules regulating Buy Now Pay Later (BNPL) companies, as part of its supervisory role over such companies and its efforts to develop the financing sector and enable fintech. The rules define BNPL activity as financing a customer's purchase of goods or services from merchants with no fee due from the customer, and set licensing conditions, minimum standards and procedures for practicing the activity, internal governance requirements, information security and financial-crime-prevention requirements, customer protection obligations, and limits on activity and credit. The rules follow an earlier public consultation on a draft version, whose feedback was studied and incorporated into the final text.
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