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SAMA drafts regulation for the provision of payment services

Saudi Arabian Monetary AuthorityThe Saudi Arabian Monetary Authority (SAMA), the central bank of the Kingdom of Saudi Arabia, has launched a draft regulation governing the provision of payment services. SAMA has invited the public to express their observations and views to further the principle of transparency and participation. The move is in alignment with SAMA’s jurisdiction to operate, monitor and supervise payments along with financial settlement systems; as well as its authority to issue rules, instructions and licenses in this regard.

The objective of SAMA’s efforts in the financial sector development program is one of the pillars of the Kingdom’s 2030 vision. It is to enable financial institutions to support private sector growth by opening financial services to non-banking actors (payment services providers and financial technologies), thereby supporting the development of the national economy.

The draft aims to support the achievement of SAMA’s strategic goals in the promotion of financial inclusion and reliance on technology in the field of payments to reduce cash transactions; as well as regulating the payments sector and coping with developments in it according to international best practices.

SAMA had conducted studies and made similar comparisons with some countries while preparing the draft regulation for the provision of payment services, in addition to holding workshops, meetings and discussions in cooperation with the relevant consultation offices and the participation of members, relevant bodies, and global payment service providers.

This is to ensure providing a minimum of regulatory requirements and conditions for the provision of payment services and the issuance of licenses to payment service providers and financial technologies and their governance in accordance with regulatory and supervisory procedures to ensure the safety and stability of the financial sector.

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