SAMA Issues E-Wallet Rules to Regulate Electronic Money Institutions.

Riyadh: The Saudi Central Bank (SAMA) has issued 'E-Wallet Rules' as part of its supervisory and regulatory role over Electronic Money Institutions (EMIs). According to Saudi Press Agency, this decision reflects SAMA's continuous efforts to develop the financial sector and empower EMIs. The rules set the relevant regulatory requirements that licensed EMIs must comply with to protect market participants and support EMIs in providing services that increase the sector's safety and stability. The rules included provisions and obligations related to opening Electronic Wallets, verification of clients' identities, and considerations for classifying and managing inactive wallets. SAMA had already published the E-Wallet Rules, seeking comments and feedback from the public and experts, to achieve transparency and public participation. The comments and feedback were studied and taken into consideration in the final version of the rules. To view the rules, visit SAMA's website at: https://www.sama.gov.sa/en-us/rules instructions/pages/regulation.aspx.