On the occasion of the Cabinet's decision to approve the payments and its services law, Fahad bin Abdullah Almubarak, governor of the Saudi Central Bank (SAMA) extends his gratitude and appreciation to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and HRH Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense (May Allah protect them).
Almubarak noted that the approval underscores the leadership's keenness to support the development of the financial sector and maintain fairness and stability of transactions. The provisions of the law will enable SAMA to exercise its supervisory oversight of the payments sector in the Kingdom of Saudi Arabia in accordance with the international best practices and compliance standards. Furthermore, the law will support the financial sector's contribution to providing payment services through the utilization of financial technologies and expanding the base of participants in the private sector.
Almubarak pointed out that the law seeks to enhance the integrity and adequacy of the payment systems' infrastructure and services in the Kingdom by upgrading the regulatory and supervisory frameworks. Referring to the strength and stability of the financial sector's infrastructure in the Kingdom, Almubarak added that the law would ensure fostering payment systems' safety and efficiency to serve domestic customers and create attractive investment opportunities in line with Vision 2030 objectives.
In a bid to protect the rights of transacting parties in the payments sector, the law includes provisions governing procedures for adjudicating disputes, including the implementation of the amicable settlement principle, which is commensurate with the nature of the payments sector and the services provided therein.
As central banks are ultimately responsible for payments systems, SAMA strives to facilitate financial transactions for inclusiveness of all segments of customers in achieving the objectives of the Financial Sector Development Program.
