RIYADH — The Saudi Central Bank (SAMA) seeks public consultation on the draft “Instructions for Practicing Finance Aggregator Service”.

In the interest of transparency and wider participation, SAMA inviteD stakeholders and the public to provide suggestions and observations on the draft by visiting the Public Consultation Platform with the National Competitiveness Center.

The step comes in continuation of SAMA’s efforts for developing the finance sector in general and empowering the FinTech sector specifically.

SAMA specified that these instructions are an annex of the “Licensing Rules for Activities Supporting the Financing Activity” that was issued earlier by SAMA.

The aim of these instructions is to set the minimum standards and procedures that are required to practice the financial aggregator activity while ensuring sustainable growth of the sector and maintaining the principles of protecting financial consumers and their rights.

SAMA clarified that suggestions and observations on the draft of “Instructions for Practicing Finance Aggregator Service” are expected to be received within 15 days from this publication. Noting that all views and observations will be subject to assessment and consideration for the finalization of this draft. The draft is available on the Public Consultation Platform with the National Competitiveness Center. — SPA