Qatar Central Bank Approves BNPL Companies
The selected cohort comprised Spendwisor Inc., Qaiver FinTech LLC, HSAB for Payment Solutions, Mihuru LLC, and Pay Later Website Services.
The Qatar Central Bank (QCB) has greenlit the first batch of 'Buy Now Pay Later' (BNPL) companies for its regulatory sandbox, a part of the Third Financial Sector Strategy and the Fintech Strategy.[1]
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The selected cohort comprised Spendwisor Inc., Qaiver FinTech LLC, HSAB for Payment Solutions, Mihuru LLC, and Pay Later Website Services.
A regulatory sandbox is essentially a controlled environment where innovative financial technology (fintech) companies can test their products, services, and business models under the supervision of the QCB.
It will facilitate innovation in the financial sector while ensuring consumer protection and financial stability. By allowing fintech firms to operate in a controlled environment, regulators can closely monitor their activities and assess potential risks without stifling innovation.