Qatar Central Bank (QCB) said applications for “Buy Now Pay Later” (BNPL) service providers will be accepted until November 3.
QCB has already started receiving applications from the “Buy Now Pay Later” service providers. This is in line with QCB’s Financial Sector Strategy and the Fintech Strategy.
Qatar Central Bank said it aims to regulate BNPL service providers in the country, in order to establish a suitable regulatory framework for emerging Fintech companies and develop smart solutions for this service, which has witnessed remarkable growth in recent years.
“The BNPL service provides customers with the flexibility to settle their purchases by installments over a specified period of time.
“It also represents a quantum leap in the field of e-commerce in the country, and creates a favourable environment to explore digital opportunities and services in this field, while adhering to the regulatory standards set by Qatar Central Bank,” QCB said.
Qatar Central Bank said it is keen to provide effective and valuable initiatives that help create a favourable environment for Fintech companies to shape the future of the financial technology in the State of Qatar.
All companies wishing to provide this service may submit their application to obtain a licence via the following electronic link: Sandbox.qcb.gov.qa
For further inquiries, e-mail can be sent to: [email protected]
