Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
(1)
The applicant shall provide document evidencing that he meets the initial capital requirements for a license as follows:
A.
Submit proof that he possesses at least one million riyals in the form of paid-up capital to obtain a small payments company license.
B.
Submit proof that he possesses at least three million riyals in the form of paid-up capital to obtain a license for a large payments company.
C.
Submit proof that he possesses at least two million riyals in the form of paid-up capital to obtain a license for a small electronic money company.
D.
Submit proof that he possesses at least ten million riyals in the form of paid-up capital to obtain a license for a large electronic money company.
E.
Proof of that he possesses at least one million riyals in the form of paid-up capital to obtain a payment creation services license independently or in conjunction with a payments account information services license.
F.
Submit proof that he possesses at least five hundred thousand riyals in the form of paid-up capital to obtain a payments account information services license.
2.
The applicant for a license to operate as a payment systems operator shall comply with the initial capital requirements determined by SAMA and established by SAMA, based on the volume, nature, scope, complexity and interconnections of the proposed payment system or the systems proposed to be operated thereby.
