Saudi Central Bank (SAMA) issues an updated oversight framework for payment systems, strengthening governance, risk management, and cybersecurity across the Kingdom’s financial infrastructure.
The Saudi Central Bank has issued an updated oversight framework for payment systems and their operators, reinforcing its regulatory approach to ensure the safety, efficiency, and resilience of Saudi Arabia’s rapidly evolving payments ecosystem. The move comes as digital payments continue to scale across the Kingdom, driven by fintech adoption and national transformation initiatives.
The revised framework introduces enhanced governance and oversight requirements, including clearer expectations around roles and responsibilities of payment system operators, as well as strengthened risk management and internal control frameworks. It also emphasizes the need for comprehensive operational resilience, requiring operators to implement robust business continuity and disaster recovery plans to ensure uninterrupted services.
In addition, the framework places a strong focus on cybersecurity and technology risk management, mandating that operators adopt advanced security controls, conduct regular risk assessments, and maintain safeguards against evolving cyber threats. SAMA also highlights the importance of incident reporting and transparency, requiring timely disclosure of operational disruptions and security breaches to the regulator.
Another key element includes oversight of third party service providers, ensuring that outsourcing arrangements do not compromise system integrity or data security. Payment operators are expected to maintain accountability for all outsourced functions and ensure compliance with regulatory standards across their service ecosystem.
SAMA’s updated guidelines are aligned with international standards, particularly those developed by the Bank for International Settlements and the Committee on Payments and Market Infrastructures, which provide global benchmarks for payment system oversight. This alignment supports interoperability, reduces systemic risk, and enhances confidence among financial institutions and users.
Saudi Arabia’s payments landscape has undergone significant transformation in recent years, supported by Vision 2030, which aims to increase the share of non cash transactions to 70% by 2030. Electronic payments in the Kingdom have already exceeded 60% of total retail transactions in recent years, reflecting strong progress toward a cashless economy.
The updated framework also reinforces fair access and competition, ensuring that both banks and non-bank payment service providers, including fintech companies, operate within a consistent regulatory structure. This is expected to support innovation while maintaining financial stability and consumer protection.
Globally, regulators are tightening oversight of payment systems as digital transactions grow in scale and complexity. SAMA’s latest update reflects this broader trend, positioning Saudi Arabia to manage risks associated with real time payments, cross-border transactions, and emerging fintech models.
By issuing the updated oversight framework, SAMA is strengthening trust in the Kingdom’s financial infrastructure while enabling continued innovation. The initiative is expected to support the sustainable growth of Saudi Arabia’s payments ecosystem and reinforce its position as a leading fintech hub in the region.
