Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
(1)
An Applicant must provide evidence satisfactory to SAMA that it meets the initial capital requirement for licensing as follows:
(a)
Provide evidence of possession of at least one million SAR in paid-up equity for a Micro PI License.
(b)
Provide evidence of possession of at least three million SAR in paid-up equity for a Major PI License.
(c)
Provide evidence of possession of at least two million SAR in paid-up equity for a Micro EMI License.
(d)
Provide evidence of possession of at least ten million SAR in paid-up equity for a Major EMI License.
(e)
Provide evidence of possession of at least one million SAR in paid-up equity for a Payment Initiation Service License independently or with a Payment Account Information Services License.
(f)
Provide evidence of possession of at least five hundred thousand SAR in paid-up equity for a Payment Account Information Services License.
(2)
An Applicant for a License to act as a Payment System Operator must comply with such initial capital requirements as determined by SAMA that are commensurate with the projected size, as well as the nature, scale and complexity of the proposed Payment System or Systems proposed to be operated by it.
