The Saudi Central Bank (SAMA) is seeking public feedback on the draft Banking Law, which aims to provide stability and growth in the sector.

The public and stakeholders can share their views and comments on the draft law through National Competitiveness Center's public consultation platform within 30 working days, the central bank said in a statement.

The draft law is up-to-date with the latest developments in the banking sector to encourage investment,  protect depositors and consumers, and contribute to the kingdom's financial stability.

The proposed law comes from SAMA's ongoing internal evaluations and is developed following the recommendations issued by relevant international organisations.

Moreover, the draft law is expected to continue regulating the banking sector as effectively as the current Banking Control Law, the statement said.

The major highlights include expanding the definition of banking business, determining the objectives and scope of the law, ensuring consumer protection, and enhancing the legal framework of the deposit protection fund.

In addition, the draft will focus on the application of secrecy obligation, establishing a legal framework to regulate financial technology, digital banking, open banking, RegTech, big data, as well as updating violations, crimes, and penalties framework.

The feedback will be assessed before the final draft is submitted to the regulatory authority, the statement added.

(Editing by Seban Scaria