The Saudi Central Bank (SAMA) is seeking public consultation on the draft “Rules for Regulating Buy Now Pay Later (BNPL) Companies.” 

 

In the interest of transparency and wider participation, SAMA is inviting stakeholders and the public to provide suggestions and observations within 30 days on the draft Rules by visiting the Public Consultation Platform at the National Competitiveness Center, reported SPA.

 

These rules will 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.

 

The SAMA move comes as part of its 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, it added.