Saudi Arabia
Saudi Approves Buy Now Pay Later Firm
Saudi Central Bank (SAMA) has granted MIS Forward a permit to carry out Buy Now Pay Later (BNPL) services in the Kingdom.
The solution is pursuant to Saudi Central Bank law and Finance Companies Control law for providing finance to customers wishing to purchase products and services from merchants without incurring term financing cost.
The initiative is aimed at attracting new investors and companies that can bring added value to the sector for more efficient operation, while maintaining full adherence to the regulatory and supervisory guidelines defined by SAMA.
