SAMA Governor says payments and its services law enhances efficiency, attracts investments

Fahd bin Abdullah Al-Mubarak, Governor of the Saudi Central Bank (SAMA)

The payments and its services law will contribute to enhancing safety and efficiency for the beneficiaries and create attractive investment opportunities in the Kingdom in line with the objectives of Vision 2030, Fahd bin Abdullah Al-Mubarak, Governor of the Saudi Central Bank (SAMA), said.

According to a statement from SAMA, Al-Mubarak clarified that the Cabinet’s approval reflects the leadership’s keenness to support the financial sector’s development and maintain its stability and fair dealings.

The law’s provisions enable SAMA to exercise supervisory and regulatory powers over the Saudi payments sector in accordance with the best international practices in a manner that enhances compliance with relevant standards.

This will support the financial sector's contribution to providing payment services by utilizing financial technologies and expanding the base of private sector participants.

Al-Mubarak pointed out that the law aims to enhance the integrity and adequacy of the infrastructure for payment systems and services across the Kingdom by updating the regulatory and supervisory frameworks, which enhances the financial sector’ strength and stability.

For the purposes of protecting parties involved in the payments sector, the Governor stated that the law also featured provisions organizing procedures for adjudicating disputes, including the application of the amicable settlement’s principle, which is commensurate with the nature of the payments sector and services provided therein.