Translation of Law No. 5 of 2022
This Translation of Law No. 5 of 2022 is provided to help English-speaking readers understand the main provisions, scope, and mechanisms of implementation of Law No. 5 of 2022, commonly known as the fintech in non-banking activitie law. The law establishes a comprehensive framework for regulating and developing the use of financial technology in non-banking financial activities under the supervision of the Financial Regulatory Authority (FRA). It covers a wide range of markets and products—such as capital markets, insurance, mortgage finance, leasing, factoring, SME and microfinance, and consumer finance—when these are offered or managed through modern digital tools and platforms.
As the fintech in non-banking activitie law, this legislation aims to promote financial inclusion, broaden access to non-banking financial services, and reduce the cost and complexity of using such services through innovative technologies. It introduces definitions and rules for financial technology (FinTech), regulatory technology (RegTech), supervisory technology (SupTech), digital platforms, digital identity, and digital contracts, while also setting licensing requirements for companies, rules for outsourcing, cybersecurity standards, and controls to combat money laundering and terrorist financing. It further provides for a regulatory sandbox, temporary licenses for innovative start-ups, consumer protection standards, complaint-handling procedures, and a detailed system of sanctions and penalties for violations of Law No. 5 of 2022.
This translation of the fintech in non-banking activitie law is intended as an informative reference only and does not replace the Arabic text, which remains the sole legally binding version. While every effort has been made in this Translation of Law No. 5 of 2022 to reflect the structure, terminology, and intent of the original Arabic provisions accurately, nuances of legal language may not always be perfectly mirrored in English. Readers should therefore treat this translation of the fintech in non-banking activitie law as an aid to understanding and should seek professional legal advice and consult the Arabic text before relying on any specific provision of the fintech in non-banking activitie law for decision-making or compliance purposes.
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