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5. Guidelines for Applying for a License to Provide Payment Services

Status: Modified

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  1. The company must read the Payment Services Providers Regulations carefully to understand the basic requirements, as they can be accessed through SAMA’s website.
  2. The company must fill out the License Application Form and submit all required documents, regulatory requirements and, basic documents as specified in the licensing stages.
  3. The company must ensure that the electronic attachments and the required basic documents are verified and submitted in (PDF) format, with clear names for the files and avoid using file format and large sizes.
  4. The company must provide accurate, clear, and complete information as required in the License Application Form and disclose any additional relevant information. The applicant is also responsible for ensuring that no misleading information is provided in any form, as this could reduce the chances of obtaining the license.
  5. If the questions in the License Application Form include information that is not related to the company’s activities, the company should state "Not Applicable" and explain the reasons in an attached file as failure to complete the License Application Form may result in the rejection of the application.
  6. SAMA will notify the company upon receipt of the application and notify them of any deficiencies (if any).
  7. If there are any deficiencies, the company must complete them within 5 working days from the date of notification by the SAMA.
  8. SAMA will notify the company whether the deficiencies in the application have been completed or not upon receipt.
  9. If the deficiencies are not completed within the specified period mentioned in item (7) above, the application will be considered closed, and SAMA will notify the company of the closure. The company may then submit a new application after meeting all the basic requirements for obtaining the required license.
  10. SAMA may request additional information or evidence from the company at any stage of the licensing process. The company must provide this information or evidence upon request within 30 calendar days from the date of the request, unless otherwise specified by SAMA. SAMA reserves the right to reject the license application if the company fails to provide the requested information or evidence within the specified period.
  11.   After the completion of the application, SAMA will notify the company in writing of its decision within 90 days. SAMA may extend this 90-day period if deemed necessary. The company will be informed of the revised timeline.
  12. After completing the review of the application, SAMA may grant the company either an initial approval to enable it finalize the procedures for establishing the company and registering it in accordance with the Companies Law at the Ministry of Commerce, followed by completing the basic licensing requirements, or it may grant the required license to provide payment services.
  13. SAMA has the right to conduct a field assessment visit to the company's workplace as an additional evaluation step for granting the required license.