SAMA issues rules for buy now, pay later companies

RIYADH: Saudi Arabia’s financial technology sector is bracing for growth with its apex bank issuing rules for buy now, pay later companies, according to a statement. 

The Saudi Central Bank, also known as SAMA, on Dec. 17 issued guidelines aimed at regulating the licensing and setting minimum standards for the BNPL companies. 

SAMA said that developing these rules will aid the sector’s growth and sustainability while safeguarding users’ rights.