New finance debt collection company to start Saudi operations
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The Saudi Central Bank (SAMA) has announced the licensing of Mani, a financial debt collection company, to provide debt collection services for financial institutions.
The license was granted to the company after completing all requirements stipulated in the “Rules of Licensing Finance Support Activities” issued by SAMA, said the central bank in its statement.
This comes as part of SAMA’s role in supervising, regulating and enabling the finance sector and its supporting activities
SAMA highlighted the importance of exclusively dealing with licensed and authorized financial institutions.
It called upon institutions keen to carry out financial debt collection activity to review the “Rules of Licensing Finance Support Activities” and relevant laws and guidelines defined by SAMA on it website.-TradeArabia News Service
