The Saudi Central Bank (SAMA) has issued an updated oversight framework for payment systems and their operators, replacing the existing supervisory structure that had governed payment and financial settlement systems in the Kingdom. The announcement marks a meaningful step forward in the evolution of Saudi Arabia’s regulatory environment for digital finance and payments infrastructure.
A Framework Anchored in Law and International Standards
The revised framework formally links the supervisory scope to the Payment Systems and Payment Services Law, issued under Royal Decree No. M/26 and its implementing regulations. This legislative grounding gives the framework a stronger legal foundation and ensures that all covered entities — from large financial institutions to emerging fintech operators — operate under a clearly defined and enforceable set of obligations. SAMA’s announcement emphasised that the update aligns with relevant international standards, reflecting the regulator’s commitment to bringing the Kingdom’s payments sector in line with global best practices.
Clearer Methodology for Supervisory Assessment
Among the substantive changes introduced, the updated framework clarifies the supervisory methodology that SAMA will apply when evaluating payment system operators. This includes the tools SAMA uses during oversight exercises, as well as the self-assessment processes that operators are required to conduct. By setting out these mechanisms in detail, the framework reduces ambiguity for market participants and allows operators to benchmark their own compliance posture against SAMA’s expectations before formal assessments take place.
Strengthening Saudi Arabia’s Digital Finance Infrastructure
The timing of this update reflects the rapid pace at which Saudi Arabia’s payments ecosystem has grown. The Kingdom has established itself as one of the region’s most advanced digital payment markets, with platforms such as mada, Stc Pay, and a growing cohort of licensed fintech firms reshaping how consumers and businesses transact. A modernised regulatory framework is essential to ensuring that this growth continues on a stable, secure, and competitive footing — consistent with the financial sector development goals at the heart of Vision 2030.
