SAMA extends application submission deadline for payment service providers

The Saudi Arabian Monetary Authority (SAMA) extended the application submission deadline for payment service provider’s license for companies operating in Saudi Arabia until Jan. 31, 2021, emphasizing the necessity to adhere to the grace period for those willing to benefit from the extension period.

The step is in line with the regulations for payment service providers, which aim to regulate the licensing provisions for payment companies issued on Jan. 30, 2020, and which mandate that entities providing payment services within the Kingdom must apply for a license from SAMA within a period of 180 days from the date of entry into force of these rules, the authority said in a statement.

SAMA also clarified that this step comes as part of its efforts to facilitate and organize work procedures for all payment service providers within the framework of the efforts taken to mitigate the impact of the coronavirus pandemic on various sectors, as well as to motivate payment companies to provide best services to their customers in current circumstances.