The Saudi Central Bank (SAMA) has announced the issuance of new “E-Wallets Rules” to strengthen the regulatory framework governing Electronic Money Institutions (EMIs) and foster the development of the financial sector. The guidelines, now formally implemented, underscore SAMA’s commitment to enhancing the stability and security of the electronic money ecosystem, enabling EMIs to operate under a well-defined set of regulations.
The E-Wallets Rules outline critical regulatory requirements EMIs must meet to ensure market protection, covering key areas such as identity verification for electronic wallet users, protocols for opening wallets, and procedures for handling inactive wallets. These measures aim to protect market participants while supporting EMIs in delivering secure and reliable services.
In a statement, SAMA highlighted its collaborative approach, noting that the initial draft of the rules was shared publicly to solicit feedback from industry experts and the general public. This consultation period allowed for the incorporation of valuable insights, ensuring the final rules reflect a broad spectrum of views and promote transparency within the financial sector.
The issuance of these regulations marks a significant step in SAMA’s broader mission to empower EMIs and advance the financial sector’s growth. Full details of the E-Wallets Rules are available on SAMA’s official website: https://www.sama.gov.sa/en-US/LawsRegulations/Pages/Payments.aspx
