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Financial Authority Acts on Installment Payments
The General Authority for Financial Supervision has issued a decision requiring consumer finance companies to make their technological infrastructure available to connect their databases with the Authority's database within six months. The aim of this decision is to improve oversight and increase the accuracy of risk assessment through the collection of customer data, purchase transactions, classification of goods and services, repayment compliance, and the financial standing of companies. This connection enhances the ability for early risk detection, facilitates product development, and streamlines follow-up processes, all as part of the Authority's efforts to develop the regulation of non-banking financial activities, ensure market stability, and protect consumers.
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