SAMA may approve or reject a licensing application as a Relevant Payment Service Provider or Payment System Operator, taking into account the following:
(1)
Whether the activities and services are consistent with the objectives of the Law and the Implementing Regulation;
(2)
Whether the activities and services are consistent with the consumer protection and competition objectives set out in the Law and the Implementing Regulation;
(3)
The economic value resulting from providing the activities in the Kingdom and the impact of these activities on financial stability in the Kingdom;
(4)
SAMA assessment of the Applicant’s ability to satisfy the requirements of the Law and the Implementing Regulation; and
(5)
Whether there are factors that might hinder SAMA’s ability to oversee the applicant effectively.
