QCB Announces Receiving Applications for 'Buy Now, Pay Later' Service Providers

QCB

Qatar Central Bank (QCB) announced on Monday that it has officially opened the application process to obtain a license to provide the 'Buy Now Pay Later' (BN PL) services, noting that applications will be accepted until Nov. 3, 2023.

In a statement, QCB explained that, through this service, it aims to regulate the BN PL service providers in the country, in a way that achieves an appropriate regulatory framework for emerging financial technology companies to develop and improve smart solutions for this service, which has witnessed remarkable growth in recent years.

QCB pointed out that the service is in line with the Financial Sector Strategy and the Fintech Strategy, and comes in the context of its constant endeavor to regulate and develop the financial sector in the country, and to stimulate innovation in financial technology.

The statement mentioned that the BN PL service will provide full flexibility to customers when paying for their purchases through installments over a specific period of time, in addition to contributing to creating a qualitative shift in the field of e-commerce in the country, and providing a conducive environment to explore digital opportunities and services in this field while adhering to the regulatory standards set by QCB.

QCB also stressed its keenness to provide effective and valuable initiatives that help create a suitable environment for technology companies to shape the future of financial technology in the State of Qatar.

All companies wishing to provide this service may submit their application to obtain a license via the following electronic link: Sandbox.qcb.gov.qa. For further inquiries, you can send an e-mail to the following address: SandboxSupport@qcb.gov.qa, the statement added.

(QNA)