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Article 2

Date(g): 13/6/2023 | Date(h): 24/11/1444 Status: In-Force

Translated Document

Effective from Jun 13 2023 - Jun 12 2023
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The Regulations are designated for the sake of the following matters:

 

1.

Establishing the regulatory framework and requirements for payment service operators and providers in the Kingdom, in particular with regard to determining the relevant licensing, supervision and control procedures and requirements.
 2.Establishing the necessary mechanisms to manage the risks of payment systems and payment services, which may affect the payments, cash and financial settlement sector.
 3.Contributing to enhancing the principle of transparency and fair competition to support the efficiency and effectiveness of payments, cash and financial settlement systems.
 4. SAMA stimulates and develops the payment systems and services sector.