SAMA Invites Feedback on Draft Rules for Electronic Wallets

KSA, 16 May, 2024 :  The Saudi Central Bank (SAMA) has initiated a public consultation on the draft Rules for Opening Electronic Wallets. Stakeholders and the public are invited to provide suggestions and observations on the draft via the Public Consultation Platform, "Istitlaa." These rules outline the regulatory requirements for licensed Electronic Money Institutions (EMIs) when opening electronic wallets for customers, aiming to safeguard market participants and bolster the safety and stability of the sector.

Interested parties have (15) days from the announcement to submit their feedback on the draft, which is accessible on the Public Consultation Platform hosted by the National Competitiveness Center. Currently, there are 11 licensed EMIs authorized to provide electronic wallets in the Kingdom, with the total number of electronic wallets exceeding 21 million.

Source : www.sama.gov.sa