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Article 2

No: 000044093096 Date(g): 13/6/2023 | Date(h): 24/11/1444 Status: In-Force

Effective from Jun 13 2023 - Jun 12 2023
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The objectives of the Implementing Regulation are:
 

 

1.

Enacting the framework and regulatory requirements of payment service operators and providers in the Kingdom, particularly in determining the relevant licensing, supervision and oversight procedures and requirements.
 
 2.Ensuring the presence of the necessary mechanisms to manage the risk of Payment Systems and Payment Services, which may affect the payment sector and monetary and financial settlement; and
 
 3.Contributing to the enhancement of transparency and fair competition with the aim of supporting the effective and efficient functioning of payment systems and monetary and financial settlement.
 
 4.Incentivizing and developing the payment systems and services sector by SAMA.