Fintech & digital payments rules in Saudi Arabia (2026)

SAMA published revised oversight rules for payment system operators, aligning supervisory protocols with the 2022 Law of Payments and Payment Services. The update strengthens SAMA's monitoring powers over systemically important payment infrastructure and licensed fintechs.

SAMA published the first dedicated licensing and conduct framework for standalone BNPL providers, requiring a minimum capital of SAR 5 million, a consumer credit cap of SAR 10,000, and a Saudization quota starting at 50%. This closed a regulatory gap as BNPL usage surged across e-commerce platforms.

SAMA opened the Open Banking Lab — a certification and testing environment for banks and licensed third-party providers (TPPs) — and required all Saudi banks to go live with Account Information Services by Q1 2023. This marked the operational launch of Saudi Arabia's open banking ecosystem.

SAMA issued detailed implementing regulations under the 2022 Law of Payments and Payment Services, specifying capital thresholds, licensing procedures, safeguarding of client funds, and AML/CTF obligations for payment service providers (PSPs) and electronic money institutions (EMIs). This operationalised the overarching payments statute.

SAMA published the first release of the Open Banking Framework, setting technical standards and licensing requirements for TPPs to access bank account data with customer consent. A second release covering Payment Initiation Services followed in 2023.

Royal Decree M/26 enacted the first comprehensive Law of Payments and Payment Services, establishing a unified statutory licensing regime for payment system operators, payment service providers, and e-money issuers, and granting SAMA broad supervisory and enforcement powers. This is the foundational legislation underpinning all digital-payments regulation in the Kingdom.

The Financial Sector Development Program formally launched the Fintech Strategy, jointly steered by SAMA and the Capital Market Authority (CMA), targeting 230 active fintechs by 2025, a 70% digital-transaction rate, and a SAR 13.3 billion GDP contribution by 2030. The strategy set the regulatory agenda for the subsequent wave of fintech rulemaking.

The Council of Ministers approved full digital banking licenses for STC Bank (SAR 2.5 billion capital, converted from STC Pay) and Saudi Digital Bank (SAR 1.5 billion capital). These were the Kingdom's first branchless, app-only bank licenses, fundamentally expanding the digital-payments competitive landscape.

SAMA issued its foundational Open Banking Policy, establishing consumer-driven data portability between licensed banks and third-party providers as a regulatory principle. It set the timeline and governance model for the full Open Banking Framework published in late 2022.

SAMA formalised a distinct PSP licensing category for non-bank entities, alongside dedicated Electronic Wallet Rules imposing minimum capital, client-fund safeguarding, and AML/CTF requirements. For the first time, non-banks had a clear legal pathway to issue e-money and operate payment accounts in Saudi Arabia.

SAMA established the Fintech Saudi hub and opened its Regulatory Sandbox, enabling domestic and international fintech firms to test products with real Saudi consumers under relaxed regulatory requirements for a defined trial period. This created the first structured, legal pathway for fintech innovation in the Kingdom.

Saudi Arabia unveiled Vision 2030, designating the Financial Sector Development Program (FSDP) as a core delivery vehicle and setting an initial target for non-cash transactions to reach 70% of all retail payments by 2030 (later raised to 80%). This strategic directive triggered the entire subsequent fintech regulatory build-out by SAMA and the CMA.