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Article [5]

Date(g): 13/6/2023 | Date(h): 25/11/1444 Status: In-Force

Effective from Jun 13 2023 - Jun 12 2023
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The SAMA shall approve or reject an application for a license to provide relevant payment services or operate payment systems, taking into account:

  1. Activities and services are consistent with the objectives of the Law and Regulations.
  2. Activities and services are consistent with the objectives of customer protection and competition stipulated in the Law and Regulations.
  3. The economic value resulting from providing activities in the Kingdom, and the impact of these activities on financial stability in the Kingdom.
  4. The SAMA’s assessment of the applicant’s ability to meet the requirements stipulated in the Law and Regulations.
  5. The emergence of any factors that may hinder the SAMA’s ability to effectively supervise and control the applicant.