SAMA issues rules for opening electronic wallets

Saudi Gazette report

RIYADH — The Saudi Central Bank (SAMA) has issued the final version of “E-Wallet Rules” as part of its supervisory and regulatory role over Electronic Money Institutions (EMIs).

The rules included provisions and obligations related to opening electronic wallets, verification of clients’ identities, and considerations for classifying and managing inactive wallets, SAMA said in a press statement.

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 SAMA’s decision reflects its continuous efforts to develop the financial sector and empower EMIs.

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.

More details of the rules can be had from SAMA’s website at: https://www.sama.gov.sa/en-us/rulesinstructions/pages/regulation.aspx.