The guidelines aim to clarify the regulatory procedures and requirements that must be met when applying for a license to provide payment services by companies. The company may apply for one of the following types of licenses as specified in the Payment Service Providers Regulations:

•  Micro Electronic Money Institution "E-Wallet" (Micro EMI).
•  Major Electronic Money Institution "E-Wallet" (Major EMI).
•  Micro Payment Institution (Micro PI).
•  Major Payment Institution (Micro PI).

The stages of issuing the license vary according to the classification of companies as follows:

-Issuing the license for new companies:

Obtaining the required license for both: new companies (under establishment) and existing companies whose activities do not include providing payment services, involves going through two phases:

• Initial Approval Stage: The company must submit all regulatory requirements in accordance with Article 6.6 of the Payment Service Providers Regulations along with all the essential documents as outlined in Annex (A) of these guidelines. These documents must be signed and officially certified to support the company's request for preliminary approval. This approval is necessary to complete the basic licensing requirements and procedures, including the issuance of the commercial registration and notarization of the memorandum of association with the Ministry of Commerce, in preparation for the final license to be issued by the Central Bank.

• Licensing Stage: The company must submit all the essential documents as outlined in Annex (B), This is after fulfilling the necessary signatures and obtaining regulatory approval, to support the company's request for the required license to begin providing payment services.

  -Issuing the License for Existing Companies:

  Obtaining the required license for existing companies that provide payment services in the Kingdom involves going through only one phase:

  Licensing Stage: The company must submit all regulatory requirements in accordance with Article 6.6 of the Payment Service Providers Regulations along with all essential documents as outlined in Annex (B). This is after fulfilling the necessary signature and obtaining regulatory approval to support the company's request for the required license to begin providing payment services.