Referring to the regulations for payment service providers, which aim to regulate the provisions of licenses for payment companies issued on 01/30/2020 AD, which stipulated that "An entity that provides payment services within the Kingdom must apply for an establishment license within a period of 180 calendar days from the date of entry into force of these rules.

                The Saudi Arabian Monetary Authority (SAMA) has decided to extend the deadline for submitting applications to obtain a license for payment service providers for those companies operating and engaged in payments activity in the Kingdom before issuing the regulations for payment service providers. SAMA emphasizes commitment to the grace period for those who wish to benefit from the extension period, which ends on 30/01/2021.

                SAMA clarified that this step comes in line with its efforts to facilitate and organize work procedures for all payment service providers. This is also within the framework of the efforts taken to confront the effects of the spread of the Coronavirus pandemic on various sectors, and to motivate payment companies to provide the best services to their customers in the current circumstances.

                To view the regulations for payment service providers, please click on the link, and the guide and licensing models can also be viewed by visiting the link.