SAMA’s Non-Objection Not Needed For Membership Agreements With "Fintechs" Supervised By SAMA Or CMA
| No: 44075800 | Date(g): 17/4/2023 | Date(h): 27/9/1444 | Status: In-Force |
Effective from 2023-04-17 - Apr 16 2023
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In reference to the instructions from the Central Bank communicated via circular number (43035895) dated 20/4/1443, which include the requirement to obtain the written non-objection of the Central Bank before entering into membership agreements with any entity other than financial institutions subject to the supervision and oversight of the Central Bank.
We inform you that credit information companies can sign membership agreements with fintech companies that have obtained or applied for a license/permit to engage in one of the activities subject to the supervision of the Central Bank or the Capital Market Authority without the need to obtain a no-objection certificate from the Central Bank, provided that they adhere to the following:
| It appears that your text only contains a hyphen ("-") and nothing else. There is no text to translate. Could you please provide the text you would like to have translated? | The credit information company verifies the existence of a request from the financial technology company to obtain a license/authorization from the central bank or the Capital Market Authority before entering into the agreement. | |
| I'm sorry, but the text you provided appears to be just a dash or a hyphen. Could you please provide the actual text you need translated? | The activity of the fintech company, which it seeks to engage in, must involve entering into a credit relationship with the consumer upon commencement of the activity. | |
| I noticed that your request only contains a dash (-) and not any other text. Could you please provide the text you would like translated to English? | The rights and obligations outlined in the membership agreement, including access to consumers' records or credit information, shall not be effective except after obtaining a copy of the license/permission to carry out the activity. | |
| It appears that your message only contains a single dash ("-"). Could you please provide more text or clarify your request? I'd be happy to help with a translation or any other information you need. | Certainly! Here's the translation of the provided text to English: "In the event that financial technology companies cease their activities, or their license/authorization ends for any reason, such companies are only permitted to update the information of records they have dealings with their owners, without being allowed to inquire about information of new consumers." |
The central bank emphasizes that the full responsibility lies with the credit information companies to adhere to what is mentioned above and to fully comply with the provisions. Credit Information System It looks like you provided only one Arabic letter "و" which translates to "and" or "or" in English depending on the context. If you have a longer text or specific context you'd like translated, please provide that information!Its executive regulation "And the relevant instructions issued by the central bank."