RIYADH — The Saudi Arabian Central Bank (SAMA) has announced the opening of a public consultation on the draft regulations implementing the Payments and Payment Services Law.

In the interest of transparency and wider participation, SAMA invited stakeholders and the public to provide suggestions and comments on the project by visiting the public consultation platform affiliated with the National Competitiveness Center.

This regulatory function is part of SAMA’s supervisory role in accordance with the authority granted to SAMA, as mentioned in Articles 7 and 18 of the Payments and Payment Services Act.

The implementing regulations aim to reinforce the commitment to relevant international principles and standards, enabling SAMA to exercise its powers. In addition, the regulation would contribute to the growth of the sector and attract new investors to achieve one of the Saudi Vision 2030 goals of the Financial Sector Development Program (FSDP).

Finally, contributors are required to provide their comments on the draft within (20) days of this publication to allow SAMA to assess its relevance in finalizing the text. The draft is available on the public consultation platform.

© Copyright 2022 The Saudi Gazette. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).