Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
Regulatory Sandbox applicants can fall into one of the following four categories:
i.
Saudi Central Bank-licensed Innovators: Examples under this category include Banks, Payments, Remittance Centers, Insurance Groups, and Lending Companies.
ii.
Non-licensed local FinTechs / start-ups: Non-licensed firms developing a new FinTech solution with an ambition to deploy it in the market. Access to the Sandbox can be obtained through one of the following options:
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Obtaining Regulatory Sandbox Permissions through a Letter of Acceptance.
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Partnering with a fully licensed firm: The party accountable to Saudi Central Bank for the content of the application and execution of the testing will be the Saudi Central Bank-licensed firm. Saudi Central Bank will investigate the apportionment of responsibilities between the licensed and non-licensed firms.
iii.
Non-licensed international FinTechs: Non-licensed Innovators whom have already launched oversees or are seeking to make Saudi Arabia their first country of launch can utilize the Regulatory Sandbox to test their solution. Accessing the Sandbox can therefore be granted using two routes:
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Directly: Innovators can apply directly to the Regulatory Sandbox and upon acceptance; they register with the Ministry of Investment of Saudi Arabia (MISA) and the Ministry of Commerce (MoC) as part of the requirements to setup a legal entity within Saudi Arabia.
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Indirectly: Via partnership agreement between the overseas Innovator and a Saudi Central Bank-licensed firm. In this case, the latter will be the applicant to the Sandbox and will remain responsible for the submission of the application and the testing.
