The updates are part of SAMA’s efforts to promote an innovation-based financial technology ecosystem in the KSA.
Key Points:
..Resubmission of a refused PSPR license application will only be accepted nine months after SAMA’s refusal of the original submission.
..PSPs must now respond to customer complaints with a decision within five business days. PSPs are now responsible for outsourced third parties’ delay or failure of fair implementation of the payment transaction, exposing PSPs to additional liabilities.
..PSPs are now obligated to (i) submit quarterly financial reports within a month after each quarter, and (ii) submit audited financials annually within two months after each fiscal year.
Please see full publication below for more information.
