The Saudi Arabian Monetary Authority "SAMA" announces the
launch of a Draft Regulation governing the Provision of Payment Services
in the Kingdom, inviting the public and those interested - in furtherance of
the principle of transparency and participation - to express their observations
and views on the Draft as of 10/05/1441 AH corresponding to 05 / 01/2020. This
step comes in accordance with the SAMA’s jurisdiction to operate, monitor and
supervise payments and financial settlement systems in the Kingdom, as well as
its authority to issue rules, instructions and licenses in this regard, based on
the Council of Ministers’ Resolution No. 226 of 2/5/1440 AH.
The Draft comes as part of SAMA’s efforts to achieve the objectives
of the financial sector development program, which is one of the pillars of the
Kingdom's 2030 vision, in enabling financial institutions to support private
sector growth by opening financial services to non-banking actors (payment
services providers and financial technologies), supporting development of the
national economy. It also aims to support the achievement of "SAMA’s
strategic goals” in promoting 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.
Upon preparing the Draft Regulation for the provision of payment
services in the Kingdom", SAMA has conducted studies and made similar
comparisons with some countries within the Group of Twenty, 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.
The Saudi Arabian Monetary Authority invites the public,
specialists, and those interested in the draft regulation governing the
provision of payment services in the Kingdom, to provide their views and
comments no later than 20/5/1441 AH corresponding to 15/1/2020, via e-mail (PSCC@SAMA.GOV.SA). It should be
borne in mind that all the views and observations will be studied for adopting
the final version of these rules, which can be viewed through the link: http://www.sama.gov.sa/en-US/Laws/Pages/paymentlaw.aspx