The Saudi Central Bank (SAMA) has introduced an updated ‘Oversight Framework of the Payment Systems and Their Operators,’ replacing the previously applicable framework for payments and financial settlement systems.
The revised framework forms part of SAMA’s broader supervisory mandate over the financial sector and aligns with the provisions of the Law of Payments and Payment Services, issued under Royal Decree No. (M/26) dated 22/03/1443 AH, along with its implementing regulations.
By updating the framework, SAMA aims to ensure consistency with national legislation while keeping pace with global best practices in payment system governance.
The updated framework clearly defines the scope of oversight, covering payment systems and their operators operating within the Kingdom.
It introduces a structured supervisory methodology that incorporates a range of tools, including ongoing monitoring, self-assessment mechanisms, and formal oversight evaluations.
In addition, the framework sets out detailed obligations for payment system operators, ensuring compliance with applicable regulatory standards and reinforcing accountability across the sector.
These measures are designed to improve operational resilience, mitigate systemic risks, and enhance transparency in payment processes.
The introduction of the revised framework comes as Saudi Arabia continues to witness significant growth in digital payments and financial technology adoption, driven by national transformation initiatives and increasing consumer demand for secure and efficient payment solutions.
By aligning regulatory practices with international standards, SAMA seeks to strengthen confidence among market participants, encourage innovation, and support the development of a robust and competitive payments infrastructure.
SAMA confirmed that the updated ‘Oversight Framework of the Payment Systems and Their Operators’ is available through its official rulebook, providing stakeholders with comprehensive guidance on compliance requirements and supervisory expectations.
