SAMA seeks public input on oversight framework for payment systems

The Saudi Central Bank (SAMA) headquarters

The Saudi Central Bank (SAMA) announced the release of an updated draft of the “Oversight Framework for Payment Systems and Their Operators" for public consultation through the “Istitlaa" platform.

The update is part of SAMA's supervisory and regulatory role over the payment sector, and its ongoing efforts to support the sector's stability and sustainable growth, the central bank said in a statement.

The update defines the scope of the framework and aligns it with the provisions of the Law of Payments and Payment Services, issued by Royal Decree No. (M/42) dated 11/01/1443H, and its Implementing Regulations. It also outlines the supervisory methodology, including oversight tools, self-assessment processes, and supervisory assessment. In addition, the update clarifies the obligations of payment systems and their operators in line with applicable regulatory frameworks and international standards, such as the Principles for Financial Market Infrastructures (PFMIs).

The submission window for feedback and comments will be open for 15 days.

Subsequently, public feedback and comments will be considered in finalizing and formalizing the draft, the statement said.