Rules of Licensing Finance Support Activities

Rajab 1447H / December 2025

The Saudi Central Bank issues these Rules pursuant to the authorities granted to it under its system issued by Royal Decree No. (36/M) dated 11/4/1447H, and the system for monitoring finance companies issued by Royal Decree No. (51/M) dated 13/8/1433H, and its executive regulations.

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Table of Contents

Page Number	Part
3	Chapter One: Definitions and General Provisions
3	Chapter Two: Licensing Provisions
6	Chapter Three: Activity Practice Provisions
7	Chapter Four: Supervision and Compliance
8	Chapter Five: Final Provisions

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Circular

To:
Peace, mercy, and blessings of God be upon you.

Subject: Amendment of the Rules of Licensing Finance Support Activities.

Based on the authorities vested in the Saudi Central Bank under its system issued by Royal Decree No. (36/M) dated 11/4/1447H, and the authorities vested in the Governor of the Saudi Central Bank under the system for monitoring finance companies issued by Royal Decree No. (51/M) dated 13/8/1433H.

We hereby inform you of the Governor's decision approving the amendments to the Rules of Licensing Finance Support Activities as attached.

For your information and action.

Yours sincerely,

Buzaid bin Ahmed Al-Sheikh
Deputy Governor for Supervision

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Distribution Scope:

• Digital brokerage companies licensed by the Saudi Central Bank.
• Debt collection establishments for licensed finance entities.

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P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000 P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000

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# Chapter One: Definitions and General Provisions

## Article One: Definitions

1- The terms and expressions used in these Rules have the meanings specified in the system for monitoring finance companies and its executive regulations.

2- For the purpose of applying the provisions of these Rules, the terms and expressions used herein – if any appear in these Rules – have the meanings specified opposite each of them, unless the context indicates otherwise.

1-2 Finance Support Activities: One or more activities related to finance activities and considered supportive, complementary, or subsidiary to them as determined by the Bank, ensuring competition; this includes digital brokerage activities for finance entities, and any other activity approved by the Bank, and does not include finance debt collection activities.

2-2 Finance Support Establishment: A person licensed by the Bank to practice one or more of the Finance Support Activities under the System, Regulations, and these Rules.

3-2 Digital Brokerage Activity: Connecting customers with finance entities regarding their credit obligations and financial status, and presenting available financing options to them, in exchange for a financial consideration through an electronic platform.

## Article Two: Scope of Application

These Rules apply to establishments licensed by the Bank to practice a support activity for finance activities.

## Article Three: Purpose

These Rules aim to determine the requirements and controls necessary to grant licenses to practice Finance Support Activities and to monitor their activities.

## Article Four: General Provisions

Without prejudice to the system for monitoring finance companies and its executive regulations, applications for licenses to practice Finance Support Activities shall be submitted to the Bank in accordance with the requirements, controls, and procedures specified in these Rules, in addition to what the Bank determines from time to time regarding this matter.

# Chapter Two: Licensing Provisions

## Article Five: Submission of License Application

It is a condition for the license application to practice Finance Support Activities that the application be submitted to the Bank, specifying the activities for which licensing is sought, and attached to it the following:

1- The license application form prescribed by the Bank, completed.

## Article Eight: Initial Approval

The Bank – after the application is complete – shall issue a decision of initial approval, or reasoned rejection, within a period not exceeding (30) thirty working days, and the Bank shall consider the competitiveness and integrity of the industry, and the quality of services, in licensing.

## Article Nine: Providing the Bank with Required Information

1- The applicant for a license for a Finance Support Establishment must provide the Bank with any additional information or documents requested by the Bank within (15) fifteen working days.
2- The Bank may reject the application if the period specified in paragraph (1) of this Article is not complied with.

## Article Ten: Establishment of the Finance Support Establishment

The founding members must complete the establishment of the Finance Support Establishment within six months from the date of the Bank's initial approval, and provide the Bank with a copy of the commercial registration of the establishment, including the licensed activities in accordance with the Bank's initial approval. And the validity of this approval shall be notified regularly for a period of six months from the date of its issuance, unless the Bank agrees to extend the period.

## Article Eleven: Licensing

1- The Bank shall take the necessary measures to verify that the Finance Support Establishment meets the Bank's requirements, such as conducting licensing or inspection visits to the establishment's premises and interviewing its officials and reviewing its systems, procedures, and records.
2- After the Bank verifies that the applicant has complied with the requirements specified in these Rules, the Bank shall issue a license to practice the Support Activities for Finance Activities.
3- The Finance Support Establishment is notified to practice any other activity not licensed by the Bank.

## Article Twelve: Scope of License

The license specifies the activity licensed for the Finance Support Establishment to practice, and the Bank may restrict the license with special conditions.

## Article Thirteen: License Duration

The license duration shall be (3) three years, and the Bank may renew it upon the establishment's request, and the establishment shall submit a renewal request in writing at least three months before the expiration of the license duration.

## Article Fourteen: License Amendment

The Finance Support Establishment may submit a request to amend the license, or to amend a condition or restriction contained therein, and the request must be based on reasonable grounds for the amendment and attached with any documents, information, or studies requested by the Bank.

## Article Fifteen: License Cancellation

The Bank may cancel the license as follows:

1- Upon the request of the Finance Support Establishment, taking into account the rights of creditors and beneficiaries and the integrity of the financial system.
2- If it is established that the Finance Support Establishment provided the Bank with false information or failed to disclose material information that it was required to disclose for licensing purposes.
3- If the Finance Support Establishment violates the requirements of these Rules or the provisions of finance systems or the instructions issued by the Bank.
4- Failure of the Finance Support Establishment to commence licensed activities within six months from the date of issuance of the license.
5- Cessation of the Finance Support Establishment's operations for a period exceeding three consecutive months, or six months scattered, without obtaining the Bank's prior written non-objection.

## Article Sixteen: License Termination

The license terminates by operation of law in the following cases:
1- Expiration of the license duration without renewal.
2- Appointment of a liquidator for the Finance Support Establishment.
3- Entering into bankruptcy proceedings for the Finance Support Establishment in accordance with the bankruptcy system.

## Article Seventeen: Effects of License Cancellation or Termination

The cancellation or termination of the license results in the classification of the Finance Support Establishment, and the Finance Support Establishment shall be notified in writing upon cancellation of the license, and a period of six months shall be granted to liquidate its affairs, and the Bank may appoint a liquidator.

# Chapter Three: Activity Practice Provisions

## Article Eighteen: Internal Policies and Procedures

The Finance Support Establishment shall do the following:
1- Establish internal policies and procedures to comply with these Rules and instructions issued by the Bank, and related systems.
2- Establish appropriate written regulatory policies, approved by the highest supervisory authority in the establishment, including internal governance, governance, risk management, compliance, business continuity, and human resources manuals.

## Article Nineteen: Information Security and Financial Crime Prevention Requirements

1- The Finance Support Establishment must comply with the requirements set by the Bank regarding information security.
2- The Finance Support Establishment must comply with the regulatory requirements contained in the Anti-Money Laundering System and the Anti-Terrorism and Financing of Terrorism System, and to mitigate the Rules and relevant guidelines as determined by the Bank, in accordance with the nature of these establishments' activities, their size, and the level of risks they may face, in addition to complying with the requirements and instructions issued by the Bank regarding financial crimes and financial precaution.

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## Article Twenty: Human Resource Localization

The percentage of human resource localization must not be less than (50%) when the Finance Support Establishment begins its activities, at the level of the establishment as a whole. And the Bank may increase or decrease the localization rate as it deems appropriate.

## Article Twenty-One: Code of Business Ethics

The Finance Support Establishment for finance activities must establish a code of business ethics and take all necessary measures to ensure compliance with its own code of business ethics in light of related systems, regulations, and instructions, such that this code includes clear principles, policies, and controls for business conduct, a conflict of interest policy, and financial ethics with beneficiaries. And it shall be approved by the highest supervisory authority in the establishment.

## Article Twenty-Two: Customer Protection and Data Confidentiality

- 1 The Finance Support Establishment must create a function for handling complaints and establish clear procedures for receiving, documenting, studying, and responding to beneficiary complaints within the period specified by the Bank, such that complaints are recorded in special registers, including all necessary information related to the subject of the complaint and the measures taken regarding it.  
- 2 The Finance Support Establishment and its responsible person must maintain the confidentiality of customer data and their operations and not disclose or reveal them to third parties or benefit from them even after leaving employment or cancellation of the license, except as required by related systems and instructions.  
- 3 The Finance Support Establishment must take necessary measures to ensure the preservation of the confidentiality of its customers' information and operations.

# Chapter Four: Supervision and Compliance

## Article Twenty-Three: Bank Supervision

- 1 The Finance Support Establishment shall do the following:  
    (a) Provide the Bank with any data, information, or other documents requested by the Bank in accordance with forms, controls, and instructions, and at the time specified by the Bank.  
    (b) Provide all information and documents related to the establishment, its activities, partners, and employees to the Bank upon request.  
    (c) Establish a policy regarding conflict of interest and information confidentiality, and update it periodically.  
    (d) Establish a business continuity plan, and a plan for filling vacant positions.  
    (e) Enable all relevant Bank employees and auditors appointed by it to access facilities related to their work and all documents and data (including digital data) upon their request.  
- 2 The Finance Support Establishment is prohibited from any of its employees concealing or attempting to conceal any information or violations, or refusing to answer any inquiries requested by the Bank.

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- 3 The Bank shall take the necessary measures to verify that Finance Support Establishments comply with these Rules, systems, regulations, and related instructions, including conducting supervisory or inspection visits to the establishment's premises and following up with its employees and reviewing their systems, procedures, and records. And the Bank may appoint a third party at the expense of the Finance Support Establishment to carry out any of the measures taken in accordance with the provisions of this Chapter.  
- 4 The Bank may, in the event of a violation of the Finance Support Establishment of the prevailing systems or regulations or these Rules, or in the event of financial difficulties in the Finance Support Establishment, take one or more of the following measures:  
    (a) Issue instructions to the management of the Finance Support Establishment regarding the management of its operations.  
    (b) Prohibit or restrict all or part of the Finance Support Establishment's activities.  
    (c) Prevent directors or management from performing their duties or restrict them.  
    (d) Appoint supervisors to manage the operations of the Finance Support Establishment as determined by the Bank.

## Article Twenty-Four: Compliance

- 1 The Finance Support Establishment must establish internal controls and procedures that ensure compliance with these Rules and all related systems, regulations, and instructions.  
2- The Finance Support Establishment must maintain sufficient records to prove compliance with these Rules, systems, regulations, and related instructions, and take necessary measures to prevent violations of their provisions. 3- The Finance Support Establishment must not disclose or reveal any information to any external party without the Bank's approval. 4- The Finance Support Establishment must obtain the Bank's prior non-objection before acquiring assets other than those necessary for managing its operations. 5- The Finance Support Establishment must obtain the Bank's prior non-objection before conducting any partial or total design of its activity or the establishment itself. 6- Non-compliance with the provisions of these Rules constitutes a violation of the system for monitoring finance companies and its punitive consequences.

# Chapter Five: Final Provisions

## Article Twenty-Five: Regulatory and Technical Instructions

The Bank may issue regulatory and technical instructions for each support activity for finance, and the Finance Support Establishment must comply with these instructions.

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## Article Twenty-Six: Exemption

The Bank – upon the submitted request – may exempt the Finance Support Establishment from applying any of the provisions contained in these Rules, commensurate with the state of the sector.

## Article Twenty-Seven: Enforcement

These Rules shall be enforced from the date of their approval.

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