SAMA issues draft regulation of payments law for public consultation

Logo of Saudi Centeral Bank

The Saudi Central Bank (SAMA) issued a draft executive regulation of the Payments and Payment Services Law for public consultation, it said in a statement today, April 7.

The central bank invited stakeholders and the public to provide suggestions and observations on the draft through the public consultation platform (Istitlaa) of the National Competitiveness Center.

The issuance of the regulation is part of SAMA's regulatory role vested in it by Articles 7 and 18 of the Payments and Payment Services Law.

The implementing regulation aims at reinforcing commitment to relevant international principles and standards, enabling SAMA to exercise its powers.

In addition, the regulation will help contribute to the growth of the sector, attract new investors for achieving one of Vision 2030 objectives of the Financial Sector Development Program (FSDP).

The input on the draft regulation should be sent within 20 days and will be taken into consideration while preparing the final version of the regulations.