SAMA licenses non-bank financial institutions

The Saudi Arabian monetary authority (SAMA) starts licensing non-bank financial institutions and announces the issuance of first license for a payment services company in the kingdom and an electronic wallet company.
The declaration advanced as part of SAMA’s intentions to gain the targets of the financial segment development program, which is a major element of vision 2030 to enable financial institutions to assist private sector expansion by initiating financial servicing to non-banking players, sustaining growth of the national economy.
SAMA licenses the Saudi digital payments company as an electronic wallet company, GEIDEA Technology Company as payments Services Company subsequent to the achievement in trial period in an experiment setting.
The draft regulation is published on SAMA’s website, while the news is anticipated to provide interest of the segment.
Also, these guidelines will allow SAMA to achieve its directive for regulation of payment sector and keep pace with best international practices. The basis of SAMA’s mandate related to licensing, control and overseeing the payments sector in the kingdom is the council of ministers resolution Oct 14, 2018.
These rules facilitate the licensing of payment companies, and regulate payment servicing in the territory through administrative and oversight agenda which makes sure the efficiency and safety of transactions in the sector, as maintaining equal opportunities for all in order to enhance financial stability.
The guidelines comprise the minimum requisites to start any of the payment services like minimum requirements of capital for different functions on the basis of their nature like data protection, risk management, and so on.–Worldwide News

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