The Saudi Central Bank (SAMA) has opened a public consultation on the draft implementing regulation of payments and payment services law.
In the interest of transparency and wider participation, SAMA welcomes stakeholders and the public to provide suggestions and observations on the draft by visiting the Public Consultation Platform affiliated to the National Competitiveness Center, an independent government center.
This regulatory function is part of SAMA’s oversight role in accordance with the authority vested in SAMA, as mentioned in Articles 7 and 18 of the payments and payment services law.
The Implementing regulation aims at reinforcing commitment to relevant international principles and standards, enabling SAMA to exercise its powers. In addition, the regulation would help contribute to the growth of the sector and attract new investors for achieving one of the Saudi Vision 2030 objectives of the Financial Sector Development Program (FSDP).
Finally, contributors are expected to provide their input on the draft within 20 days from this publication to enable SAMA to assess its relevance in finalizing the text. The draft is available on the Public Consultation Platform
In August 2020, SAMA updated the Payment Services Provider Regulations (PSPR), which was introduced in January 2020 to regulate Payment Services Providers (PSPs) operating in the Kingdom of Saudi Arabia (KSA). The PSPR provides a clear path for PSPs to obtain SAMA-issued licenses to provide payment services in the region.
In March 2022, SAMA issued a license to a new payment fintech company, called “Moyasar Financial Company” to provide eCommerce payment services, bringing the total number of payment companies licensed by SAMA to 16, in line with SAMA’s role to enhance financial stability and supporting opportunities for growth and economic development in Saudi Arabia.
