The Saudi Central Bank (SAMA) has announced opening a public consultation on the draft implementing regulation of payments and payment services law.
The Saudi Central Bank known as the Saudi Arabian Monetary Authority, established in 1952, is the central bank of the Kingdom of Saudi Arabia. After the name change in 2020, the Saudi Central Bank continued to use the acronym SAMA.
With the aim of a more transparent practice and wider participation, SAMA invites stakeholders and the public to provide suggestions and observations on the draft by visiting the Public Consultation Platform affiliated with the National Competitiveness Center.
The Public Consultation Platform is an e-portal that offers data about private and public sectors as well as the mass, these data are usually the results of questionnaires about their experience with services and systems offered by governmental sectors and focused on the developmental and economic ecosystems.
The National Competitiveness Center (NCC) was established based on the decision of the Cabinet in 2019. It aims to develop and enhance the Kingdom’s competitive environment and raise its ranking within relevant global reports and indexes.
The implementing regulation aims at reinforcing commitment to relevant international principles and standards that enable SAMA to exercise its powers.
Also, 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).
All contributors are expected to provide their inputs on the draft within 20 days from the publication to enable SAMA to assess its relevance in finalizing the text.
The draft is available on the Public Consultation Platform for the same. 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.
In August 2020, SAMA updated the Payment Services Provider Regulations (PSPR), which were introduced in January 2020 to regulate Payment Services Providers (PSPs) operating in the Kingdom of Saudi Arabia. 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.
