Riyadh, July 6, 2023, SPA -- The Saudi Central Bank (SAMA) announced the issuance of the Implementing Regulations for the Law of Payments and Payment Services to support the objective of enhancing the soundness and efficiency of the payment systems infrastructure in Saudi Arabia. The KSA NSFR regulation is applicable to all 12 locally incorporated banks on a consolidated basis. Overall, as of 30 June 2018, the NSFR regulation in the KSA is assessed as compliant with the Basel NSFR standard. This is the highest possible grade. Each component is also assessed as compliant. December 10, 2023. FINANCIAL SERVICES TECHNOLOGY SAUDI ARABIA FINTECH. Riyadh: The Saudi Central Bank (SAMA) permitted "Jeel Pay" to provide Buy Now Pay Later (BNPL) solutions. With Jeel Pay, there are now seven authorized companies offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/permitted finance companies to 58. The Framework is based on the SAMA requirements and industry cyber security standards, such as NIST, ISF, ISO, BASEL and PCI. The Framework supersedes all previous issued SAMA circulars with regard to cyber security. .

sama saudi arabia regulations