Riyadh: Saudi Central Bank (SAMA) issued a press release announcing that it seeks public consultation on the "Draft Rules for Opening Electronic Wallets" project, and inviting stakeholders and the public to give suggestions and observations on the draft by visiting the Public Consultation Platform "Istitlaa".

"These rules set the regulatory requirements for licensed Electronic Money Institutions (EMIs) when opening electronic wallets for customers," the release said.

SAMA also said that adhering to these requirements is essential for institutions to protect market participants and support EMIs in providing services that increase the sector's safety and stability.

SAMA said that it will receive suggestions and observations on the draft within 15 days from this announcement, and assess their relevance before finalizing the draft, which is available on the Public Consultation Platform at the National Competitiveness Center link:


According to SAMA, 11 institutions are licensed EMIs that may provide electronic wallets, and the total number of electronic wallets in the Kingdom exceeds 21 million.