The Saudi Central Bank (SAMA) announces the issuance of the "Instructions for Practicing Aggregation Activity" as an annex of the "Rules of Licensing Finance Support Activities." This initiative reflects SAMA's vital regulatory role and ongoing efforts to advance the finance sector and enable the fintech sector.
The instructions aim at setting the minimum standards and procedures required for practicing aggregation activity, and ensuring the growth and sustainability of the finance sector while protecting the rights of consumers.
The instructions include provisions on accuracy and preservation of information, list of financing institutions, and minimum contract requirements for the client's consideration.
The draft instructions were published earlier for public consultation for a period of (15) days. Relevant views and comments were considered for their appropriateness in the final version of the instructions.
To view the Instructions, please visit SAMA's website.