The Saudi Central Bank (SAMA) announces the issuance of the Implementing Regulations for the Law of Payments and Payment Services to support the objective of enhancing soundness and efficiency of the payment systems infrastructure in Saudi Arabia.
The relevant regulatory and supervisory frameworks enable SAMA to protect and stabilize the financial sector. They also enhance compatibility with comparable international principles and standards, including the Principles for Financial Market Infrastructures (PFMI).
In the context of Saudi Vision 2030 with respect to financial inclusion, the implementing regulations should help create an attractive environment for investment, stimulate innovation and competition, and encourage introduction of payment products and services that follow the latest international trends and meet clients’ needs.
SAMA had previously published the draft implementing regulations, asking stakeholders and the public to provide views and comments. Relevant views and comments were considered for their appropriateness in the final version in alignment with the Law objectives. The Implementing Regulations for the Law of Payments and Payment Services came into effect from the date of the issuance and will supersede the Payment Service Provider Regulations.
Featured image credit: Edited from freepik.
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