The following terms and phrases,
wherever mentioned herein, shall have the
meanings assigned thereto, unless the context
otherwise requires:
SAMA: the Saudi Central Bank.
Rules: the Rules of Payment Products and Services Approval.
Company: a payments company licensed to engage in payments business.
Board of Directors: the company's board of directors.
Product: the payment product that the company will provide for customers under the In-Scope Services stated in the Payment Services Provider Regulations.
Service: the payment service that the company will provide for customers under the In-Scope Services stated in the Payment Services Provider Regulations.
Product/Service Code: the identification number assigned by SAMA for each product/service provided by the company.
Request Form: a form set by SAMA for the company to fill out when requesting SAMA's approval for providing new products or services, which includes a list of the required documents that the company must attach with the approval request form.