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.”
The Implementing Regulations for the Law of Payments and Payment Services text is available on SAMA’s website.
In another recent update, it was noted that the Saudi Central Bank (SAMA) granted “Tamara” a permit “to provide Buy Now Pay Later (BNPL) solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law.”
With Tamara, there are now four authorized companies offering BNPL solutions.
SAMA is committed “to supporting and enabling the finance and FinTech sectors within the regulatory and supervisory guidelines.”
By attracting new investors and companies, SAMA seeks “to bring added value to the sector and the economy.”
SAMA is actively “engaged in leveraging technology in financial services to support the broader goals of Vision 2030.”
SAMA’s continuous support “for finance and FinTech is in the context of increasing efficiency of financial transactions, and promoting innovative financial solutions for financial inclusion in the Kingdom.”
SAMA emphasizes the importance of “dealing exclusively with authorized financial institutions.”
To view licensed and permitted financial institutions, you can check out SAMA’s official website.