Qatar Central Bank provided instructions on the "Buy Now, Pay Later" service, urging companies to submit applications to receive the license

The Qatar Central Bank (QCB) published instructions on the "Buy Now, Pay Later" (BNPL) service on Saturday, August 5, inviting enterprises interested in operating in the BNPL system to submit applications in order to get a licence from the bank. The QCB also indicated that it will take licence applications in September, and that full application instructions may be found on the QCB's official website.

The decision was taken to regularise the activity of BNPL service providers in Qatar, and it is consistent with QCB's ongoing efforts to regularise and modernise the country's financial sector. The latest figures provided by the QCB in July this year revealed a 14 percent increase in foreign reserves in June 2023, compared to the same month last year, confirming the bank's strong initiatives in strengthening Qatar's financial industry.