SAMA issues executive regulations for payments law

The Saudi Central Bank (SAMA) issued the executive regulations of the payments and payment services law to help enhance soundness and efficiency of the payment systems infrastructure in the Kingdom.

In its statement, SAMA said the relevant regulatory and supervisory frameworks enable it to activate its role in protecting the financial sector and its stability and enhance the relevant international standards as Principles for Financial Market Infrastructure (PFMI).

The regulations also provides an attractive investment environment, as it sets the regulatory requirements for practicing payments activities, stimulates innovation and competition and encourages the introduction of payment products and services.

The new regulations include the provisions of offering payment services in the Kingdom.

Earlier, SAMA issued a draft executive regulation of the payments and payment services law for public consultation, Argaam earlier reported.

The regulations shall come into force from the date of publication.

Source:Argaam