RegulationSource: SAMA
SAMA Digital Payments Framework 2024
Sunday, December 15, 2024Featured Update
Quick Summary
SAMA introduces new regulations to enhance digital payment security and innovation in the Kingdom
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SAMA Digital Payments Framework 2024
Digital Document
About this Update
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.