The Saudi Central Bank (SAMA) has officially granted a Buy Now, Pay Later (BNPL) license to Integrated Modern Solutions Finance Company, further deepening the fintech market in the Kingdom. The approval marks a continued push by the regulator to foster innovation within Saudi Arabia’s financial services sector.
Quick Facts
- New License: SAMA approves a new BNPL operator.
- Company: Integrated Modern Solutions Finance Company.
- Market Snapshot: 71 licensed finance firms now operate in KSA.
SAMA’s Push for Financial Innovation
This latest licensing is part of SAMA’s broader strategy to support the development and efficiency of the Kingdom’s financial sector. By bringing new players into the regulated fold, the central bank aims to create a more dynamic and competitive environment that encourages new financial products and services.
The decision reflects a deliberate effort to increase the flexibility of financial transactions for both consumers and merchants across Saudi Arabia.
Bolstering Financial Inclusion
Beyond market development, the move is also tied to the national goal of strengthening financial inclusion. By regulating and supporting accessible credit solutions like BNPL, SAMA is working to expand the availability of financial services to all segments of society.
In its announcement, the central bank also reiterated the importance for consumers to engage only with financial institutions that are officially licensed and authorized to operate in the country.
About Integrated Modern Solutions Finance Company
Integrated Modern Solutions Finance Company is a Saudi-based financing company that provides a range of Shariah-compliant financial products. Its offerings cater to both individuals and small to medium-sized enterprises (SMEs), and now officially include Buy Now, Pay Later (BNPL) solutions.
Source: entarabi
