Fsdp Quarterly Newsletter Q1 2020 · Page 6

 
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SAMA issues the Additional Guidelines and Criteria for 
Digital-Only Banks in Saudi Arabia 
 
Based on the powers vested in SAMA under the relevant laws, The 
Saudi Arabian Monetary Authority (SAMA) has published the 
Additional Licensing Guidelines and Criteria for Digital-Only 
Banks in Saudi Arabia.  It has issued these guidelines and criteria 
to keep up with the developments in the financial and 
information technology sectors and to achieve the objectives of 
the Financial Sector Development Program (FSDP) and Saudi 
Vision 2030 by developing the digital economy. 
Tadawul Announces the Approval of the Derivatives 
Exchange Trading and Membership Rules and Procedures 
The Board of the Capital Market Authority has issued its 
resolution approving the derivatives exchange trading and 
membership rules and procedures, along with the glossary of 
defined terms used in the exchange rules.  
The Derivatives Exchange Trading and Membership Rules and 
Procedures aim to regulate Derivatives Exchange membership 
and trading activities on derivatives. The planned launch of a 
Derivatives Market in Saudi Arabia follows on recent significant 
market developments, including the commencement of the 
Central Counterparty Clearing House (“CCP”) to develop future 
clearing services. Tadawul will launch an index futures contract 
based on MSCI Tadawul 30 Index (MT30). Tadawul is planning to 
launch additional derivative products gradually as part of its 
strategy to diversify its product offering and provide more 
investment opportunities for market participants. 
It should be noted that these Rules and Procedures shall be 
effective on 15th January 2020.  
The Saudi Arabian Monetary Issued The "REGULATION FOR 
THE PROVISION OF PAYMENT SERVICES IN THE KINGDOM" 
The Saudi Arabian Monetary Authority "SAMA" announces 
issued the Regulation governing the Provision of Payment 
Services in the Kingdom. This step comes in accordance with the 
SAMA’s jurisdiction to operate, monitor and supervise payments 
and financial settlement systems in the Kingdom, as well as its 
authority to issue rules, instructions and licenses in this regard, 
based on the Council of Ministers’ Resolution No. 226 of 
2/5/1440 AH. 
The Draft comes as part of SAMA’s efforts to achieve the 
objectives of the financial sector development program, which is 
one of the pillars of the Kingdom's 2030 vision, in enabling 
financial institutions to support private sector growth by opening 
financial services to non-banking actors (payment services 
providers and financial technologies), supporting development of 
the national economy. It also aims to support the achievement of 
"SAMA’s strategic goals” in promoting financial inclusion and 
reliance on technology in the field of payments to reduce cash 
transactions, as well as regulating the payments sector and coping 
with developments in it according to international best practices. 
SAMA Announces Raising E-Wallet top-up Monthly Ceiling 
Limit Up To 20,000 SAR 
The Saudi Arabian Monetary Authority (SAMA) has informed the 
licensed Payment Services Providers (PSPs) in the kingdom, with 
its decision to raise the allowed top-up of the monthly ceiling limit
for e-wallets up to (20,000) SAR. This is based on SAMA’s 
supervisory and regulatory role and is in line with the goal of 
boosting the digital payment transactions, in accordance with the 
prudential procedures taken to prevent the spread of the corona 
virus (COVID-19). This s