SAMA: E-payments share reached 70% of total payments in 2023
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments - one of the Financial Sector Development Program’s KPIs - reached 70% of total retail payments in 2023, up from 62% in 2022. The achievement is attributed to the significant growth...
Saudi Central Bank hikes interest rates by 0.25 percentage points
The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.
Malaa Technologies to set up a bank in KSA
Malaa Technologies will launch its banking operations in Saudi Arabia after it obtained an approval from the kingdom’s central bank.
Saudi Central Bank licenses new payment fintech company
Named Moyasar Financial Company, the new entity is expected to provide ecommerce payment services.Points of Sale terminals in Saudi exceed 1 million, says SAMA
The Saudi Central Bank (SAMA) announced that the number of Points of Sale (PoS) terminals inside the kingdom have exceeded the 1 million mark. These terminals can be found at commercial sales outlets in more than 180 cities and villages, SAMA said, attributing the achievement to a plan that was...
Saudi Central Bank issues controls for electronic issuance of banking documents
The Saudi Central Bank (SAMA) has issued controls the banks need to consider while issuing banking documents, Saudi media reports said. SAMA said that the controls (which can be accessed here https://www.sama.gov.sa/arsa/RulesInstructions/Pages/BankingRulesAndRegulations.aspx) oblige banks to provide e-verification services of banking documents issued electronically or on paper, where these documents should...Saudi Central Bank seeks consultation on real estate refinance regulations
The Saudi Central Bank "SAMA" has released a public consultation on rules for regulating the business of real estate refinance companies. The release comes in continuation of SAMA's efforts to develop the financial sector and to keep abreast with developments of the financing industry in general, Saudi media reports said....
Saudi Arabia stares at another round of inflation
The country’s inflation in the last quarter of this year, however, will be relatively stable, SAMA has pointed out. As for the Q3, the Kingdom recorded an average yearly inflation rate of 0.4 percent. This was mainly the result of higher prices of transportation.
Saudi Arabia contactless payments highest in MENA region
Saudi Arabia had achieved contactless payment adoption of 94 percent, which is higher than even the EU.Saudi MSMEs get new three-month payment respite
The Deferred Payment Program was launched on March 14 last year, as Covid-19 was spreading across the world. According to the central bank, it benefited more than 107,000 contracts with a total value of SAR174 billion ($46.4 billion) in deferred payments.Saudi Central Bank to augment Islamic banking
The Saudi Central Bank or SAMA has launched two programs to augment Islamic banking through research and translation, local reports have said. They are the Islamic Finance Research Support Program and the Islamic Finance Research Translation Program.Saudi Central Bank has a plan to create 200,000 jobs
If the Saudi Central Bank’s (SAMA) plan to increase the number of locals working in the financial sector succeeds, it could end up creating nearly 200,000 jobs for Saudi citizens.
Digital banks in Saudi Arabia to reduce costs and stimulate competition: SAMA
Saudi Cabinet Okayed issuing licenses for country's first digital banks Digital banks concept broader than financial technology companies Digital banks licensed in Saudi Arabia will help improve the quality and user experience for customers in the Kingdom, supporting innovation and reducing costs, said Yazeed Alsheikh, director for general of banking...Saudi Arabia to give nod to digital banking in kingdom, service may start soon
Two digital banks are being set up, if all goes well with the regulatory agency
