The Saudi Central Bank (SAMA) has issued the Implementing Regulations for the Law of Payments and Payment Services to support the objective of enhancing the soundness and efficiency of the payment systems infrastructure in Saudi Arabia.

 

The relevant regulatory and supervisory frameworks will enable it to protect and stabilise the financial sector, said SAMA in its statement.

 

The central bank had earlier published the draft implementing regulations, asking stakeholders and the public to provide views and comments. Relevant views and comments were considered for 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.

 

These regulations will also enhance compatibility with similar international principles and standards, including the Principles for Financial Market Infrastructures (PFMI), said the statement.

 

In the context of Saudi Vision 2030 concerning financial inclusion, the implementing regulations should help create an attractive environment for investment, stimulate innovation and competition, and encourage the introduction of payment products and services that follow the latest international trends and meet clients’ needs, it added.-TradeArabia News Service