Riyadh: The Saudi Central Bank (SAMA) has announced the release of an updated draft of the “Oversight Framework for Payment Systems and Their Operators” for public consultation. This initiative is being facilitated through the Public Consultation Platform “Istitlaa” of the National Competitiveness Center.

According to Saudi Press Agency, this update is a part of SAMA’s supervisory and regulatory role in the payments sector, aimed at ensuring its stability and sustainable growth. The draft update elaborates on the scope of the oversight framework and aligns it with the provisions of the Law of Payments and Payment Services, as set forth by Royal Decree No. (M/26) dated 1443 AH, along with its Implementing Regulations.

The updated framework details the supervisory methodology, including oversight tools, self-assessment processes, and supervisory assessment. Additionally, it clarifies the obligations of payment systems and their operators in compliance with applicable regulatory frameworks and international standards, such as the Principles for Financial Market Infrastructures (PFMI).

The public has 15 days to provide feedback and comments on the updated “Oversight Framework for Payment Systems and Their Operators.” The feedback received will be considered in finalizing the draft.