RIYADH — The Saudi Central Bank (SAMA) has issued the updated “Oversight Framework of the Payment Systems and Their Operators,” which will replace the currently applicable “Oversight Framework for Payments and Financial Settlement Systems.” This is part of SAMA’s supervisory and regulatory role over the payments sector and its ongoing efforts to support the sector’s stability and growth. The new measure aims to enhance regulatory oversight, ensure financial stability, and foster innovation within the Saudi financial sector. This framework sets mandatory standards for payment system operators to comply with security, reliability, and international best practices, supporting Saudi Vision 2030’s digital economy goals. The update defines the scope of the framework and aligns it with the provisions of the Law of Payments and Payment Services, issued earlier by a royal order and its executive regulations. It also outlines the supervisory methodology, including oversight tools, self-assessment, and oversight assessment. In addition, the update identifies the obligations of payment systems and their operators in line with applicable regulatory frameworks and international standards.The updated “Oversight Framework of the Payment Systems and Their Operators” can be accessed through SAMA’s Rulebook on its website.RIYADH — The Saudi Central Bank (SAMA) has issued the updated “Oversight Framework of the Payment Systems and Their Operators,” which will replace the currently applicable “Oversight Framework for Payments and Financial Settlement Systems.” This is part of SAMA’s supervisory and regulatory role over the payments sector and its ongoing efforts to support the sector’s stability and growth. The new measure aims to enhance regulatory oversight, ensure financial stability, and foster innovation within the Saudi financial sector. This framework sets mandatory standards for payment system operators to comply with security, reliability, and international best practices, supporting Saudi Vision 2030’s digital economy goals. The update defines the scope of the framework and aligns it with the provisions of the Law of Payments and Payment Services, issued earlier by a royal order and its executive regulations. It also outlines the supervisory methodology, including oversight tools, self-assessment, and oversight assessment. In addition, the update identifies the obligations of payment systems and their operators in line with applicable regulatory frameworks and international standards.The updated “Oversight Framework of the Payment Systems and Their Operators” can be accessed through SAMA’s Rulebook on its website.
