|01 December, 2019

Saudi SAMA prepares payment system project

The project comes in line with efforts to realize the aspirations of the Saudi Vision 2030

Image used for illustrative purpose. Riyadh, capital of Saudi Arabia.

Image used for illustrative purpose. Riyadh, capital of Saudi Arabia.

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Riyadh – The Saudi Arabian Monetary Authority (SAMA) has launched the draft for payment system and services in the Kingdom.

The authority has called upon the general public to give their comments and views on the project as of 1 December, in order to enhance the principle of transparency and participation, according to a statement by SAMA on Sunday.

Aiming to develop a regulatory framework for the payment infrastructure to keep pace with developments in the field of payments, the system is set to raise the level of efficiency and flexibility of financial transactions, and promote innovation in financial services in accordance with international standards and ensure the financial sector’s stability and fairness transactions.

The project comes in line with efforts to realize the aspirations of the Saudi Vision 2030.

SAMA further noted that international best practices in the field, principles of the capital market infrastructure, participation of competent advisory offices, and cooperation with relevant authorities where all taken into account while preparing the project.

Source: Mubasher

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