The Saudi Central Bank issued an updated Oversight Framework of the Payment Systems and Their Operators on March 24, 2026, replacing the previous Oversight Framework for Payments and Financial Settlement Systems. The new framework aligns Saudi payment system supervision with the Law of Payments and Payment Services enacted under Royal Decree M/26.
The updated framework expands SAMA's supervisory toolkit across all payment systems operating in the Kingdom, including SARIE, the real-time gross settlement and instant payment infrastructure, and the sarie+ instant payment service. It introduces a structured methodology incorporating ongoing monitoring, mandatory self-assessment by operators, and formal oversight evaluations conducted by the central bank.
Payment system operators must now comply with explicitly defined obligations covering security standards, operational reliability, risk management, and consumer protection. The framework establishes a self-assessment process requiring operators to benchmark their compliance posture against SAMA's expectations before formal evaluation cycles. This pre-assessment mechanism reduces ambiguity for market participants and creates a continuous compliance culture rather than periodic inspection-driven approaches.
SAMA's oversight authority under the new framework extends to both system-level and operator-level supervision. At the system level, SAMA evaluates whether payment infrastructure meets international standards for financial market infrastructure, including the CPMI-IOSCO Principles for Financial Market Infrastructures. At the operator level, the framework assesses governance, operational resilience, and business continuity capabilities.
The framework arrives as Saudi Arabia's payment infrastructure undergoes rapid expansion under Vision 2030. SARIE handles real-time gross settlement for high-value interbank payments and domestic instant transfers, while sarie+ provides retail instant payment services across an expanding network of banks and fintech participants. The updated oversight applies equally to established infrastructure and new entrants, reflecting SAMA's intent to maintain consistent standards across all payment channels.
The updated framework takes immediate effect under SAMA circular 472047719. Existing operators are expected to conduct initial self-assessments within the current oversight cycle. New entrants to the Saudi payment market must demonstrate compliance with the framework's requirements as part of their licensing process.