MIS: MISPay gets SAMA nod on BNPL activities

MISPay is now allowed to engage in BNPL activities in the Kingdom

Integrated Modern Solutions Finance Co. (MISPay), a subsidiary of Tadawul-listed Al Moammar Information Systems Co. (MIS), received a license from the Saudi Central Bank (SAMA) to engage in Buy Now, Pay Later (BNPL) activities in Saudi Arabia.

MIS added, in a Tadawul statement, that the trade name of Al-Tamayouz Company for Application Solutions for Information Technology (MIS Forward) was changed to Modern Integrated Solutions Finance Co. in compliance with regulatory requirements.

In September 2021, MIS approved setting up a wholly owned subsidiary. All applications for its subsidiary were completed in March 2023, according to Argaam’s data.