2021 Q4 Report En · Page 5

 
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Financial Sector Development Highlights 
SAMA Releases the Draft of Insurtech Rules to Request 
Public Opinions 
The Saudi Central Bank (SAMA) announced releasing the 
draft of insurtech. In line with the Saudi Central Bank's 
(SAMA) continuous efforts to develop the insurance sector 
and to keep abreast with developments in the insurance 
industry in general and insurance technology services in 
particular. In addition, supporting and enabling financial 
technology activities has led to the emergence of a 
number of Fintech companies and to the development of 
technology within Insurance activities. 
SAMA: Obtaining a Permit is a Condition for Practice 
BNPL in the Kingdom 
The Saudi Central Bank (SAMA) emphasizes the need for 
establishments to obtain a permit from SAMA before 
engaging in the Buy Now Pay Later (BNPL) activity in the 
Kingdom, based on the provisions of Article (fourth) of 
SAMA’s law issued by the royal decree No. (M/36) and 
dated 11/04/1442 H, and article (tenth) of the Finance 
Companies Control Law issued by the royal decree No. 
(M/51) and dated 13/08/1433 H. 
Saudi Central Bank to Launch Repo Operations using 
Bloomberg starting January 2022 
Within the achievements of the Financial Sector 
Development Program (FSDP), the Saudi Central Bank 
(SAMA) will conduct repo, reverse repo and Open Market 
Operations (OMO) with locally operating banks using 
Bloomberg's Auction System from January 2022. It is 
worth mentioning that in 2018 SAMA has completed the 
development of the SAMA Bills and Murabaha issuance 
system using Bloomberg, which will increase efficiency of 
liquidity management operations and have a positive 
impact on the banking sector. It is also in line with 
international best practice in liquidity management 
through electronic trading.  
SAMA Releases Public Consultation on Updated Rules 
for Practicing Debt Crowdfunding Activities 
The Saudi Central Bank (SAMA) announced releasing 
public consultation on updated Rules for practicing debt 
crowdfunding activities. The issuance of these rules 
comes as continuation of SAMA's efforts to develop the 
financial sector and to keep abreast with developments 
of technology within the financing industry. In addition, 
supporting and enabling financial technology, has led to 
the emergence of a number of Fintech companies, and 
to the development of technology within financing 
activity. 
Governor of SAMA Extends Gratitude to Leadership for
Approving the Payments and its Services Law 
As part of the achievements of the Financial Sector 
Development Program (FSDP), the Cabinet issued a 
decision approving the payments system and its services. 
The provisions of the law will enable SAMA to exercise its
supervisory oversight of the payments sector in the 
Kingdom of Saudi Arabia in accordance with the 
international best practices and compliance standards. 
Furthermore, the law will support the financial sector's 
contribution to providing payment services through the 
utilization of financial technologies and expanding the 
base of participants in the private sector. 
Licensing of New Payment Financial Technology 
Company 
As part of the efforts of the Financial Sector Development
Program (FSDP) to develop the financial technology 
sector, a new financial technology company has been 
licensed in electronic payments field, “Comprehensive 
Financial Solutions” company to provide payment 
services through electronic bill payment service, bringing
the tot