The Saudi Arabian Monetary Authority (SAMA) announces the issuance of the licensing rules for activities supporting the financing activity, which aim to regulate the provisions for licensing this type of company and regulate its practice of its activities, in accordance with the powers granted to the institution under the provisions of the financing companies control system and its executive regulations.
The issuance of these rules comes as part of SAMA's efforts to support the financing sector by allowing the entry of new and supportive activities to strengthen the sector, support companies and facilitate their work, in line with the institution's role in enhancing financial stability and supporting opportunities for growth and economic development in the Kingdom towards achieving the goals of the Kingdom's Vision 2030.
In a statement, SAMA indicated that it is seeking, through these rules, to achieve several objectives, including: Attracting a new segment of investors and companies from owners of small and medium capitals to work under their supervision in a manner that ensures the efficiency of the work of these companies by adhering to the issued requirements. These requirements encompass information security, corporate governance, internal organization, attribution, risk management, compliance and internal auditing. SAMA also aims to support the finance sector by allowing entry into the activities of digital mediation and collecting the debts of financing agencies, within a supervisory framework that ensures the stability of the sector and the protection of consumer rights.
The licensing rules for activities supporting the financing activity set the minimum paid-up capital for a company that engages in digital mediation activity at (2,000,000) two million riyals, and for companies that practice the activity of collecting debts of financing agencies at (10,000,000) ten million riyals, with the authority of the institution in Raising or reducing the minimum capital in accordance with market conditions.
In conclusion, SAMA invites investors wishing to engage in any of the activities supporting the financing activity to review the financing regulations and their implementing regulations, the licensing rules for activities supporting the financing activity, and the forms and guidelines for requesting a license to practice this activity by visiting the institution's website via (link).