Kickstarting the new year, the Saudi Central Bank (SAMA) has rolled out some important updates this January 2025. From technological advancements to new financial regulations, these changes aim to strengthen the banking sector and enhance economic growth.
Let’s have a look into the top 5 highlights.
Top 5 Updates by The Saudi Central Bank (SAMA) This January 2025
- SAMA Obtains ISO Certifications for “Occupational Health and Safety Management System” and “Environment Management System”
- SAMA Licenses “SEULAH ALAWLA” Company to Provide Consumer Microfinance Solutions
- With 23 Services: SAMA Launches Trial Phase of its E-Services Portal “eSAMA”
- SAMA and Google Sign Agreement to Bring Google Pay to KSA during 2025
- SAMA Licenses “Nama United Financing” Company to Provide Finance Activity
SAMA Obtains ISO Certifications for “Occupational Health and Safety Management System” and “Environment Management System”
- ISO Certifications Achieved: SAMA obtained ISO 45001 for Occupational Health and Safety and ISO 14001 for Environmental Management, meeting global standards.
- Focus on Sustainability and Safety: The certifications reflect SAMA’s commitment to a safe, healthy work environment and sustainable practices.
- Commitment to Excellence: Highlights SAMA’s adherence to the highest domestic and international standards in safety, health, and environmental management.
- Future Vision: SAMA aims to enhance environmental responsibility, improve performance, and ensure ongoing regulatory compliance.
SAMA Licenses “SEULAH ALAWLA” for Consumer Microfinance Solutions
- New Microfinance License: SAMA licensed “SEULAH ALAWLA” to provide consumer microfinance solutions, bringing the total to 7 companies in this sector.
- Expanding the Finance Sector: The addition raises the total number of SAMA-licensed finance companies to 63.
- Support for Financial Inclusion: This move aligns with SAMA’s goal to boost financial efficiency, innovation, and inclusion in Saudi Arabia.
- Advice for Consumers: SAMA urges dealing only with authorized institutions. A list of licensed entities is available on SAMA’s official website.
With 23 Services: SAMA Launches Trial of its E-Services Portal “eSAMA”
- Trial Phase Launched: SAMA introduced the “eSAMA” portal, providing digital access to its services for individuals, businesses, and government entities.
- Part of Digital Transformation: The portal automates services on a unified, secure platform, supporting SAMA’s digital strategy.
- 23 Services Available: Initial offerings include personal data rights requests, Regulatory Sandbox applications, Open Banking access, and leadership appointment approvals, with more services to follow.
- Enhanced User Experience: “eSAMA” aims to replace traditional methods with faster, more convenient, and secure digital solutions.
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SAMA and Google Sign Agreement to Bring Google Pay to KSA during 2025
- Google Pay Launch in 2025: SAMA and Google signed an agreement to introduce Google Pay in Saudi Arabia through the national payment system “mada.”
- Support for Saudi Vision 2030: This initiative enhances the digital payments ecosystem, aiming to reduce cash dependency and align with international standards.
- Advanced and Secure Payments: Google Pay will offer a safe, convenient way for users to make purchases in stores, apps, and online, with card management via Google Wallet.
- Boosting FinTech Leadership: The service reflects SAMA’s commitment to meeting market needs and solidifying Saudi Arabia’s position as a global FinTech leader.
SAMA Licenses “Nama United Financing” Company to Provide Finance
- New Licensing: SAMA licensed “Nama United Financing” to provide services including real-estate finance, SME finance, finance lease, production assets finance, and consumer finance.
- Sector Expansion: The total number of finance companies licensed by SAMA now stands at 64.
- Commitment to Financial Inclusion: The move supports the finance sector’s growth, enhances transaction efficiency, and fosters innovative financial solutions in Saudi Arabia.
- Consumer Advisory: SAMA stresses dealing only with authorized institutions. A list of licensed entities is available on its official website.
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Our Take
- The Saudi Central Bank (SAMA) updates in January 2025 clearly demonstrate its proactive approach to transforming Saudi Arabia’s financial ecosystem.
- By acquiring ISO certifications for safety and environmental management, SAMA is improving internal operations and setting a benchmark for sustainability and health in the financial sector.
- Licensing new players like SEULAH ALAWLA and Nama United Financing reinforces its commitment to diversifying financial services and fostering inclusion.
- Launching the “eSAMA” portal and partnering with Google for Google Pay are pivotal in driving digital transformation, enhancing user experiences, and positioning Saudi Arabia as a leader in FinTech.
- These moves align well with Saudi Vision 2030, reinforcing SAMA’s role in shaping a modern, cashless, and technology-driven economy. SAMA’s strategic initiatives will likely continue to drive growth and innovation in the Kingdom’s financial sector.
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Conclusion
The Saudi Central Bank (SAMA) has started 2025 with significant strides in enhancing the financial sector. From achieving ISO certifications for safety and environmental management to licensing new companies like SEULAH ALAWLA and Nama United Financing, SAMA continues to strengthen its commitment to financial inclusion and sustainability. The launch of the “eSAMA” e-services portal with 23 digital offerings highlights its focus on digital transformation, simplifying access to services for various stakeholders.
Furthermore, the agreement with Google to bring Google Pay to Saudi Arabia marks a pivotal step toward advancing the digital payments ecosystem, supporting Saudi Vision 2030. Each of these updates reflects SAMA’s dedication to fostering innovation, improving efficiency, and maintaining adherence to global standards. With these initiatives, SAMA is poised to lead the financial sector into a new era of growth, sustainability, and technological excellence.
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