No Person shall provide or engage in the Promotion within the State of any of the Retail Payment Services set out in Annex I without obtaining a prior License from the Central Bank unless this Person is an exempted Person.
Exempted Persons
Banks licensed in accordance with the Central Bank Law shall be deemed licensed to provide Retail Payment Services and shall therefore be exempt from the prohibition laid down in paragraph (1). Nevertheless, Banks shall be required to notify the Central Bank in writing if they intend to provide the Retail Payment Services referred to in points (3) to (4) and (7) to (9) of Annex I and obtain a No Objection Letter prior to commencing the provision of such services. Banks are exempted from the No Objection Letter requirement and any licensing requirements for providing the Retail Payment Services referred to in points (1), (2), (5) and (6) of Annex I.
Finance companies licensed in accordance with the finance companies Regulation shall be exempt from the prohibition laid down in paragraph (1) for the service of issuance of credit cards. For the avoidance of doubt, except issuance of credit cards, finance companies that intend to provide Retail Payment Services shall be required to obtain a prior License from the Central Bank.
The Central Bank may request from a Person or Exempted Person the provision of any information or documentation that it considers necessary to determine the eligibility for exemption or continued exemption, respectively.
The Central Bank reserves the right to withdraw an exemption granted under this Article 2.