{"id":11848,"date":"2023-12-18T14:56:07","date_gmt":"2023-12-18T11:56:07","guid":{"rendered":"https:\/\/entarabi.com\/?p=11848"},"modified":"2023-12-18T15:01:01","modified_gmt":"2023-12-18T12:01:01","slug":"saudi-central-bank-issues-regulations-for-buy-now-pay-later-companies","status":"publish","type":"post","link":"https:\/\/entarabi.com\/en\/2023\/12\/saudi-central-bank-issues-regulations-for-buy-now-pay-later-companies\/","title":{"rendered":"Saudi Central Bank Issues Regulations for Buy Now Pay Later\u00a0 Companies"},"content":{"rendered":"<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-15\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] group\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"27555649-fe39-4a72-b8f8-d61465e5a62e\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p style=\"text-align: left\">The Saudi Arabian Monetary Authority (SAMA) has officially announced the issuance of regulations governing Buy Now, Pay Later (BNPL) companies.<\/p>\n<p style=\"text-align: left\">This regulatory move is in line with SAMA&#8217;s supervisory and oversight role over BNPL firms, showcasing its ongoing efforts to develop the financial sector and empower the financial technology (fintech) industry specifically.<\/p>\n<p style=\"text-align: left\">The newly established rules provide a definition of BNPL activities as financing customers to make purchases of goods or services from merchants without incurring immediate costs to the customer.<\/p>\n<p style=\"text-align: left\">The primary objective of these regulations is to standardize licensing provisions for BNPL companies and establish minimum standards and necessary procedures for conducting their activities.<\/p>\n<p style=\"text-align: left\">This framework aims to contribute to the growth and sustainability of the BNPL sector while ensuring the protection of financial institution customers and their rights.<\/p>\n<p style=\"text-align: left\">Key provisions and obligations outlined in the regulations include licensing requirements, internal regulations such as policies and internal procedures, information security requirements, and measures to combat financial crimes.<\/p>\n<p style=\"text-align: left\">Additionally, regulatory commitments are in place to protect customers, define the scope of activities and credit limits, as well as provisions for supervision and compliance.<\/p>\n<p style=\"text-align: left\">Earlier, the Saudi Central Bank had introduced a draft of the BNPL regulations for public and expert review, seeking feedback and insights to enhance transparency and public engagement. After a thorough evaluation of comments and observations received, the final version of the regulations has been formulated.<\/p>\n<p style=\"text-align: left\">Interested parties can access the regulations on the official website through this [link](insert link). These regulations underscore SAMA&#8217;s commitment to fostering a robust financial environment and maintaining a balance between innovation in the fintech sector and consumer protection.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mt-1 flex justify-start gap-3 empty:hidden\" style=\"text-align: left\">\n<div class=\"text-gray-400 flex self-end lg:self-center justify-center lg:justify-start mt-0 gap-1 visible\"><button class=\"flex items-center gap-1.5 rounded-md p-1 pl-0 text-xs hover:text-gray-950 dark:text-gray-400 dark:hover:text-gray-200 disabled:dark:hover:text-gray-400 md:invisible md:group-hover:visible md:group-[.final-completion]:visible\"><\/button><\/p>\n<div class=\"flex gap-1\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"w-full text-token-text-primary\" style=\"text-align: left\" data-testid=\"conversation-turn-16\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] group\">\n<div class=\"flex-shrink-0 flex flex-col relative items-end\">\n<div>\n<div class=\"pt-0.5\">\n<div class=\"gizmo-shadow-stroke flex h-6 w-6 items-center justify-center overflow-hidden rounded-full\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Saudi Arabian Monetary Authority (SAMA) has officially announced the issuance of regulations governing Buy Now, Pay Later (BNPL) companies.<\/p>\n","protected":false},"author":11,"featured_media":4099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1810],"tags":[2600,2599],"class_list":["post-11848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-pay-later","tag-sama"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/11848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=11848"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/11848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/4099"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=11848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=11848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=11848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}