Description
- Before applying for a license to provide payment services, the applicant must carefully read Payment Service Provider Regulations - published on the Saudi Central Bank - to understand the requirements that must be met.
- It is important that the applicant provide accurate and complete information required in this form, as well as disclose any additional information that may be relevant. If the information provided is misleading in any way, the applicant may be committing offence and/or diminishing its chances to obtain a license
-
This application is for entities that want to provide payments services in The Kingdom of Saudi Arabia. These entities will be referred to as The Applicant in this form. The applicant may apply to obtain a license - as defined in the Payment Services Provider Regulations-for:
- Micro Electronic Money Institution (e-Wallet)(Micro EMI)
- Major Electronic Money Institution (e-Wallet)(Major EMI)
- Micro Payment Institution (PI)
- Major Payment Institution (PI)
-
Main document that should be submitted with the licensing request:
- The license application form approved by the organization after completion according to the sections described in the form
- The company's letter to apply for a license to provide payment services, in addition to the shareholders decisions to support the request to obtain SAMA license
- A copy of the founding contract (AOA), and the drafted company bylaw, indicating the names of the owners and their shares of ownership
- A diagram of the organizational structure, including details of the board structure and senior management positions
- Fit and proper form as set by SAMA (including ID and CVs) for each founding shareholder and board member after it is completed, signed by the founding shareholder, and attested by the person authorized to submit the license application
- An irrevocable bank guarantee amount equivalent to the minimum capital as described and required for each type of license, issued for the benefit of SAMA from a local bank, and automatically renewed until the full capital is repaid
- Proof of the commercial register from the Ministry of Commerce or license from the Ministry of Investment to existing companies
- Any of the other documents supporting the license application in accordance with article 6.6 of the Payment Services Providers Regulations
