SAMA Seeks Public Consultation on Draft Rules for Opening Electronic Wallets

The Saudi Central Bank (SAMA) seeks public consultation on the draft Rules for Opening Electronic Wallets. In this context, SAMA invites stakeholders and public for their suggestions and observations on the draft by visiting the Public Consultation Platform “Istitlaa.”

These rules set the regulatory requirements for licensed Electronic Money Institutions (EMIs) when opening electronic wallets for customers. It is essential for institutions to adhere to these requirements to protect market participants and support EMIs in providing services that contribute to enhancing the safety and stability of the sector.

Suggestions and observations on the draft will be received within (15) days from this announcement for assessing their relevance in finalizing the draft, which is available on the Public Consultation Platform with the National Competitiveness Center link:

https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/ElectronicWallets/Pages/default.aspx

It is worth mentioning the total number of licensed EMIs to provide electronic wallets is 11 institutions, and the total number of electronic wallets is more than 21 million wallets in the Kingdom.