QCB approves five companies as first cohort for BNPL service

DOHA: Qatar Central Bank (QCB) has approved five companies as the first cohort for the Buy Now Pay Later (BNPL) service.

In a press release on Saturday, the QCB said: "In line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar Central Banks commitment to regulate and develop the financial sector and enhance the FinTech ecosystem in the country, QCB has carefully reviewed Buy Now Pay Later (BNPL) submitted applications against multiple dimensions and has approved 5 companies as a first cohort, which are: Spendwisor Inc; Qaiver FinTech LLC; HSAB for Payment Solutions; Mihuru LLC; and Pay Later Website Services.

"It is important to note that entry into the regulatory sandbox does not constitute a full-scale licensing approval; however, the applicant is considered an Authorized FinTech Sandbox Participant for regulatory activities by the fintech entity."