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ID: cmkd3hdh5000067lydr4hzieyRegulationACTIVE
SAMA Digital Payments Framework 2024
12/15/2024
SRC: SAMA
EXECUTIVE_SUMMARY
SAMA introduces new regulations to enhance digital payment security and innovation in the Kingdom
Saudi Central Bank announces comprehensive regulatory framework for digital payment services and e-wallets
The Saudi Central Bank (SAMA) has released a comprehensive framework governing digital payment services in the Kingdom.
Key Highlights
- Enhanced security requirements for payment processors
- Standardized API protocols for fintech integration
- Consumer protection measures
- Real-time fraud detection mandates
"All licensed payment service providers must comply with the new framework by Q2 2025."
This framework aims to foster innovation while maintaining the highest security standards in the rapidly growing digital payments sector.