SAMA Seeks Public Consultation on Draft Rules for Regulating BNPL Companies
The Saudi Central Bank (SAMA) seeks public consultation on the draft "Rules for Regulating Buy Now Pay later (BNPL) Companies." In the interest of transparency and wider participation, SAMA invites stakeholders and public to provide suggestions and observations on the draft Rules by visiting the Public Consultation Platform at the National Competitiveness Center.
This comes as part of SAMA's role in supervising and regulating the BNPL companies, and its continuous effort to develop the financial sector in general and empower the FinTech sector in particular.
SAMA noted that these Rules set the minimum standards and procedures required to practice the BNPL activity and sustainability of the sector without compromising the Financial Consumer Protection Principles and their rights.
Suggestions and observations on the drafted Rules will be received within (30) days of this announcement for assessing their relevance in finalizing the draft. The draft is available on the Public Consultation Platform with the National Competitiveness Center (Link).