RIYADH — The Saudi Central Financial institution (SAMA) has issued the up to date “Oversight Framework of the Cost Methods and Their Operators,” which is able to exchange the at the moment relevant “Oversight Framework for Funds and Monetary Settlement Methods.” That is a part of SAMA’s supervisory and regulatory position over the funds sector and its ongoing efforts to help the sector’s stability and development.
The brand new measure goals to reinforce regulatory oversight, guarantee monetary stability, and foster innovation inside the Saudi monetary sector. This framework units necessary requirements for fee system operators to adjust to safety, reliability, and worldwide finest practices, supporting Saudi Imaginative and prescient 2030’s digital economic system targets.
The replace defines the scope of the framework and aligns it with the provisions of the Regulation of Funds and Cost Companies, issued earlier by a royal order and its government laws. It additionally outlines the supervisory methodology, together with oversight instruments, self-assessment, and oversight evaluation. As well as, the replace identifies the obligations of fee programs and their operators according to relevant regulatory frameworks and worldwide requirements.
The up to date “Oversight Framework of the Cost Methods and Their Operators” could be accessed by way of SAMA’s Rulebook on its web site.
