The Saudi Central Bank (SAMA) granted ‘MIS Forward’ a permit to carry out Buy Now Pay Later (BNPL) solution pursuant to Saudi Central Bank law and Finance Companies Control law for providing finance to customers wishing to purchase products and services from merchants without incurring term financing cost. This initiative is aimed at enticing a new segment of investors and companies that can bring added value to the sector for more efficient operation, while maintaining full adherence to the regulatory and supervisory guidelines defined by SAMA. SAMA reiterates its commitment to support the financial sector and FinTech for enhancing operational efficiency to promote financial inclusion for the various segments of the society in the Kingdom. Finally, granting permits to BNPL companies is a step towards achieving the objectives of the FinTech Strategy in its pursuit to be among the leading countries in FinTech.
Source: IBP