‎SAMA issues draft implementing regulation of payments, payment services law for public consultation

‎SAMA issues draft implementing regulation of payments, payment services law for public consultation

Saudi Central Bank (SAMA) published in a statement the draft executive regulation of the Payments and Payment Services Law for public consultation.

For the interest of transparency and to ensure wider participation, SAMA invited stakeholders and the public to provide suggestions and observations on the draft by visiting the Public Consultation Platform (Istitlaa) of the National Competitiveness Center.

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

The Project, which is among the objectives of Vision 2030, aims at ensuring commitment to relevant international principles and standards and enabling SAMA to exercise its powers, ensuring its contribution to the growth of the sector and attracting new investors, according to the statement.

SAMA also noted that input on the draft regulation will be received within 20 days, stressing that it will be taken into consideration while preparing the final version of the regulations.