Introduction
The Saudi Central Bank (SAMA) has been at the forefront of financial innovation in 2024, introducing numerous initiatives that enhance the financial ecosystem and promote economic growth.
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From licensing cutting-edge FinTech companies to launching advanced digital banking solutions, SAMA has demonstrated its commitment to fostering a robust and inclusive financial environment. This year has seen remarkable milestones, including the introduction of innovative platforms like “NQD” for government banking services and the “Account Finder” for retail customers, reflecting SAMA’s focus on digital transformation.
Additionally, the licensing of new FinTech startups and services, such as “Sulfah” and “Wadaie,” highlights SAMA’s dedication to encouraging innovation and competition in the financial sector. Collaborations like the MoU with the Central Bank of the Republic of Turkey further underscore its global outreach. These efforts align with Saudi Vision 2030, aiming to make the Kingdom a leader in FinTech and digital payments. Let’s explore the top highlights from SAMA’s transformative journey in 2024.
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Top 10 Key Highlights from the Saudi Central Bank (SAMA) in 2024
- SAMA Licenses FinTech Consumer Microfinance Company
- SAMA and CBRT Sign MoU for Collaboration in the Field of Central Banking Operations
- SAMA Launches Government Banking Services Platform “NQD”
- Saudi Central Bank Permits “Sulfah” and “Wadaie” as New FinTech Startups
- SAMA Launches “Account Finder” for Retail Banking Customers
- SAMA Licenses “Tal Finance” Company to Provide Debt-Based Crowdfunding Solutions
- SAMA Licenses “Majd Saudi Payments” to Provide Payment Services
- SAMA Announces the Launch of D360 Banking Operations in the Kingdom
- To Enhance Payments Ecosystem, SAMA Announces the Launch of “Samsung Pay” Service in Saudi Arabia
- SAMA Issues E-Wallets Rules
SAMA Licenses FinTech Consumer Microfinance Company
The Saudi Central Bank (SAMA) licensed “BOUABA TSHIL” company to provide consumer microfinance solutions through financial technology. With BOUABA TSHIL, there are now (6) licensed companies offering consumer microfinance solutions, and the number of licensed financing companies in Saudi Arabia (61). This decision reflects SAMA’s endeavor to support the financial sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.
SAMA and CBRT Sign MoU for Collaboration in the Field of Central Banking Operations
The Saudi Central Bank (SAMA) and the Central Bank of the Republic of Turkey (CBRT) signed today a Memorandum of Understanding (MoU) to enhance cooperation between the two central banks. This MoU establishes a framework between the two institutions, focusing on financial stability and financial technologies.
The MoU was signed during a meeting between the Governor of SAMA, Mr. Ayman Al-Sayari, and the Governor of the CBRT, Dr. Fatih Karahan, on Tuesday, September 3, 2024, held on the sidelines of 24Fintech conference in Riyadh.
SAMA Launches Government Banking Services Platform “NQD”
The Saudi Central Bank (SAMA) launched “NQD,” a government banking services platform that provides easy access for government entities to their accounts at SAMA to conduct financial transactions through a secure digital platform. This initiative is part of SAMA’s strategy to deliver banking services to government entities, as well as supporting digital development. The platform aims to digitize financial transactions of government entities on their accounts at SAMA by offering a unified and secure digital platform. This platform facilitates access to their account information at all times, enables management of their accounts efficiently, and provides instant monitoring of transactions to and from government entities. This platform offers electronic banking services that support government financial transactions, improves user experience, enhances efficiency and productivity in financial transactions using the latest technologies, and reduces the time required to complete government-banking procedures.
Saudi Central Bank Permits “Sulfah” and “Wadaie” as New FinTech Startups
The Saudi Central Bank (SAMA) has permitted two new FinTech startups to test their innovative solutions in SAMA’s regulatory sandbox. “Sulfah for Finance” is authorized to launch a peer-to-peer (P2P) lending platform and “Wadaie for FinTech” to launch a Time Deposit Aggregation platform. This step contributes to the development of the Saudi FinTech sector and underscores SAMA’s commitment to promoting financial inclusion and innovation. The Saudi Central Bank (SAMA) emphasizes the importance of dealing with licensed/or permitted financial institutions, and this can be verified by visiting the website.
SAMA Launches “Account Finder” for Retail Banking Customers
The Saudi Central Bank (SAMA) launched “Account Finder” service for retail customers across local banks on Thursday, May 9, 2024. The new service enables customers to verify ownership of their personal accounts at local banks through digital banking. The service will contribute to enhancing reliability and reducing risks of suspicious transactions, unauthorized use of accounts, and impersonation. This underscores the continuous commitment of both SAMA and the banking sector to introduce value-added services and ensure security in e-banking transactions in line with international best practices.
SAMA Licenses “Tal Finance” Company to Provide Debt-Based Crowdfunding Solutions
The Saudi Central Bank (SAMA) licensed “Tal Finance” company to provide debt-based crowdfunding solutions. With Tal Finance, there are now 12 authorized companies offering debt-based crowdfunding solutions in Saudi Arabia. This addition brings the total number of finance companies licensed by SAMA to 62 companies. This decision reflects SAMA’s endeavor to support the financial sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.
SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.
SAMA Licenses “Majd Saudi Payments” to Provide Payment Services
The Saudi Central Bank (SAMA) licensed “Majd Saudi Payments” to provide E-wallet solutions. With Majd Saudi Payments, there are now 26 licensed companies offering payment services in Saudi Arabia. This decision reflects SAMA’s endeavor to support the payments sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.
SAMA Announces the Launch of D360 Banking Operations in the Kingdom
The Saudi Central Bank (SAMA) granted the Digital Bank “D360″, a licensed digital bank, no objection to commence its banking operations in the Kingdom. This development aligns with SAMA’s strategy to support the stability of the financial sector and promote trust therein, foster economic growth, and promote competition within the banking sector. D360’s launch reflects the dynamism and high growth potential of the Kingdom’s economy, underscoring SAMA’s efforts to build a robust regulatory system that encourages innovation. Furthermore, SAMA is committed to ensuring that the banking sector contributes to achieving Saudi Vision 2030 and the national aspirations.
To Enhance Payments Ecosystem, SAMA Announces the Launch of “Samsung Pay” Service in Saudi Arabia
The Saudi Central Bank (SAMA) announced the launch of “Samsung Pay” through the national payment system “mada” in Saudi Arabia as part of its ongoing efforts to enhance the digital payments ecosystem in the Kingdom, aligning with the Saudi Vision 2030. This initiative aims to promote financial inclusion and expand the use of FinTech solutions across the Kingdom. This initiative reflects SAMA’s commitment to developing a robust digital payments infrastructure for transformation into a less cash-dependent society by providing advanced digital payment solutions that align with international standards. The Samsung Pay service offers an advanced and secure payments experience, enabling users to conveniently provision and manage their mada cards and credit cards within the “Samsung Wallet” application. The launch of Samsung Pay service is part of series of innovations that aim at meeting market needs and advancing Saudi Arabia’s position as a global pioneer in FinTech.
SAMA Issues E-Wallets Rules
The Saudi Central Bank (SAMA) announces the issuance of the “E-Wallets Rules” as part of its supervisory and regulatory role over the Electronic Money Institutions (EMIs). This decision reflects SAMA’s continuous efforts to develop the financial sector and empower the 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 enhance the sector’s safety and stability. The rules included provisions and obligations related to requirements for opening Electronic Wallets, verification of clients’ identity, and considerations for classifying and managing inactive wallets. SAMA had previously published the E-Wallets Rules, seeking comments and feedback from the public and experts to achieve transparency and public participation.
Conclusion
The Saudi Central Bank’s achievements in 2024 underscore its commitment to revolutionizing the financial sector while fostering innovation, inclusion, and sustainability. By licensing various FinTech companies, launching innovative platforms like “NQD” and “Account Finder,” and advancing digital payments through services like Samsung Pay, SAMA has significantly strengthened the Kingdom’s financial infrastructure.
These initiatives reflect a proactive approach to enhancing efficiency, security, and customer experience in financial transactions. SAMA’s collaboration with the Central Bank of Turkey and its regulatory updates, such as the issuance of E-Wallets Rules, demonstrate its vision to harmonize with global standards and practices. Each milestone not only contributes to the growth of Saudi Arabia’s financial ecosystem but also aligns seamlessly with the objectives of Saudi Vision 2030. As SAMA continues to innovate and lead, the Kingdom’s position as a global FinTech hub and digital pioneer is further solidified, paving the way for a dynamic, inclusive, and future-ready financial landscape.
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