Regulatory Alerts2023-04-18
SAMA’s Non-Objection Not Needed for Membership Agreements With "Fintechs" Supervised by SAMA or CMA
The Saudi Central Bank (SAMA) has issued a circular allowing Credit Information Companies to enter into membership agreements with supervised "Fintech" entities without obtaining SAMA’s prior non-objection, provided that the Fintechs have applied for or hold a relevant license and their activities include consumer credit relationships. The agreement's rights, including access to consumer data, only take effect upon submission of the license copy, and if a Fintech's operations cease or its permit expires, it may update existing customer records but cannot access new consumer data. Full compliance responsibility and adherence to the Credit Information System Law remain with the Credit Information Companies.
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