Article 23
| Date(g): 13/6/2023 | Date(h): 25/11/1444 | Status: In-Force |
Translated Document
Effective from Jun 13 2023 - Jun 11 2023
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| 1. | Upon approval of the application and before issuing the license, the applicant shall pay the license issuance fees to SAMA in accordance with Article [7] of the Law, depending on the type of license requested, as follows: | |||
| A. | Twenty thousand riyals to license a small payments company. | |||
| B. | Fifty thousand riyals to license a large payments company. | |||
| C. | Twenty thousand riyals to license a small electronic money company. | |||
| D. | Fifty thousand riyals to license a large electronic money company. | |||
| E. | Twenty thousand riyals to obtain a payment creation services license. | |||
| F. | Twenty thousand riyals to obtain a payments account information services license. | |||
| 2. | When an amendment is made to the type of license under Article [20] of the Regulations, the licensee shall be subject to re-evaluation, and the date of issuance of the license shall be amended accordingly. | |||
| 3. | SAMA may review and amend the fees mentioned in the Paragraph [1] of this Article as it deems appropriate. | |||
| 4. | SAMA shall determine the fees for issuing and renewing licenses for payment systems operators on an estimated basis, and in proportion to the size and nature of the payment systems operator and the degree of complexity of related transactions. | |||