| | (1) | A License for a Payment Service Provider shall be granted for a term of five years as a maximum.
|
| | (2) | A License for a Payment System Operator shall be granted for a term deemed appropriate (in a case-by-case basis) in the sole determination of SAMA.
|
| | (3) | A License may be renewed by SAMA based on a request by the Licensee, for a similar period or another period in the sole determination of SAMA, after fulfilling the requirements stipulated in the Implementing Regulation.
|
| | (4) | The renewal application must be submitted to SAMA at least six months prior to the expiry of the License period or the renewed period in accordance with the application determined by SAMA.
|
| | (5) | The renewal application of a Payment System Operator must be accompanied by a program of operations in a format agreeable to SAMA.
|
| | (6) | The Payment Service Provider must submit a three-year business plan in addition to the following:
|
| | | | (a) | A marketing plan taking into account existing and planned products;
|
| | | | (b) | Relevant policies and procedures
|
| | | | (c) | Projected financial statements, annual revenue and expenses, financial margins and targeted growth rates against the performance of the Payment Service Provider over the past three years, taking into account any modifications to its’ strategy and business plan;
|
| | | | (d) | Projected liquidity and capital adequacy ratios against the levels of liquidity and capital solvency ratios of the past three years, taking into account any modifications to its’ strategy and business plan;
|
| | | | (e) | The estimated ongoing finance of operations;
|
| | | | (f) | Branch offices to be established (if applicable);
|
| | | | (g) | Report on risk incidents sustained by the Payment Service Provider through the past three years and how the Payment Service Provider dealt with such risk incidents, including incidents of non-compliance with applicable laws, regulations, and decisions; and future plans and programs to manage risk and the compliance function;
|
| | | | (h) | Current number of employees and the percentage of Saudi nationals thereof in accordance with the related laws and instructions at each department and each organizational level;
|
| | | | (i) | Recruitment and training plan, including training and qualification programs for employees; and
|
| | | | (j) | Any other documents and information that SAMA may request.
|
| | (7) | The fees required for renewing the License must be paid in full at the time of the submission of the renewal application.
|
