RIYADH — The Saudi Central Bank (SAMA) announced opening a public consultation on the draft implementing regulation of payments and payment services law.

In the interest of transparency and wider participation, SAMA invited stakeholders and public to provide suggestions and observations on the draft by visiting the Public Consultation Platform affiliated to the National Competitiveness Center.

This regulatory function is part of SAMA's oversight role in accordance with the authority vested in SAMA, as mentioned in the Articles 7 and 18 of the payments and payment services law.

The Implementing regulation aims at reinforcing commitment to relevant international principles and standards, enabling SAMA to exercise its powers. In addition, the regulation would help contribute to the growth of the sector, attract new investors for achieving one of Saudi Vision 2030 objectives of the Financial Sector Development program (FSDP).

Finally, contributors are expected to provide their input on the draft within (20) days from this publication to enable SAMA to assess its relevance in finalizing the text. The draft is available on the Public Consultation Platform. — SG