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  • SAMA sets regulatory framework to stabilise Saudi investment sector

    The Saudi Central Bank (SAMA) has issued the Implementing Regulations for the Law of Payments and Payment Services to support the objective of enhancing the soundness and efficiency of the payment systems infrastructure in Saudi Arabia. The relevant regulatory and supervisory frameworks will enable it to protect and stabilize the financial sector, said SAMA in its statement. The central bank had earlier published the draft implementing regulations, asking stakeholders and the public to provide views and comments. Relevant views and comments were considered for appropriateness in the final version in alignment with the Law objectives.

  • SAMA Completes Connectivity to Social Development Bank through “Tanfeeth” Program

    The Saudi Central Bank (SAMA) announced the completion of connectivity to the Social Development Bank via "Tanfeeth" program. The underlying objective is to optimize system connectivity and integration between Saudi government entities and banks operating in the Kingdom of Saudi Arabia, with a view to promoting automation of processes and efficiency of work flows to help realize Saudi Vision 2030 objectives.

  • Insurance sector in Saudi Arabia grew 26.9% in 2022: SAMA   

    The insurance sector in Saudi Arabia witnessed a 26.9 percent growth in 2022 compared to a rise of 8.4 percent in 2021, reflecting the Kingdom’s efforts toward developing the sector. The total written premium in 2022 stood at SR53 billion ($14.1 billion), up from SR42 billion the year prior, according to the 16th annual report on the insurance market released by the Saudi Central Bank, also known as SAMA. At the forefront of the sector’s development were health insurance, protection and savings insurance, and motor insurance, reported the bank.

  • Saudi consumer spending rose 10% in February 2023: SAMA 

    Saudi Arabia's consumer spending rose 10 percent to SR97.9 billion ($26.1 billion) in February, up from SR88.6 billion a year earlier, on the back of rising point-of-sale transactions, the Saudi Central Bank, also known as SAMA, has revealed. This was driven by a 15 percent rise in the Kingdom’s point-of-sale transactions, which amounted to SR44.8 billion by the end of February of this year, according to data from SAMA’s monthly bulletin. February month saw the Kingdom's POS transactions reaching 633.2 million, which are made through ATMs and credit cards and processed through 1.51 million POS devices.

  • SAMA Permits Buy Now, Pay Later Company

    The Saudi Central Bank (SAMA) granted "MIS Forward" a permit to carry out Buy Now Pay Later (BNPL) solution pursuant to Saudi Central Bank law and Finance Companies Control law for providing finance to customers wishing to purchase products and services from merchants without incurring term financing cost.

  • SAMA launches Open Banking Lab to facilitate financial innovation 

    Launched in November, the Open Banking Framework includes a comprehensive set of legislation, regulatory guidelines and technical standards based on international best practices to support banks and fintechs in the Kingdom. The first version focused on account information services, and the second will concentrate on the payment initiation service. The implementation of open banking services is one of the initiatives of the Fintech Strategy, one of the pillars of the Financial Sector Development Program under Saudi Vision 2030.

  • Manafa wins Sama approval to launch Saudi operations

    The Saudi Central Bank (Sama) has announced that it has awarded the licence to Manafa, a finance company specialised in debt-based crowdfunding, to launch its operations in the kingdom. Manafa is a closed joint-stock company with a capital of SR40 million. The license was granted to the company after a successful trial run in Sama's Regulatory Sandbox; an experimental environment dedicated to innovative financial products and services in Saudi Arabia.

  • SAMA issues open banking framework

    The Saudi Central Bank (SAMA) announced the issuance of the open banking framework as one of the key outputs of the Open Banking Program, which includes a comprehensive set of legislation, regulatory guidelines and technical standards based on international best practices to enable banks and Fintechs to provide open banking services in the Kingdom. The first version of the open banking services focused on the Account Information Service (AIS), and the second version will focus on the Payment Initiation Service (PIS). SAMA is also tracking the development of banks and Fintechs to ensure their readiness to launch open banking services within the first quarter of next year 2023.

  • Saudi Central Bank (SAMA) Welcomes Four New Fintechs to Sandbox

    Wally Global Arabia, Sanam Aliliddikhar for Information Technology, Istishraf Al-Bayanat for Financial Technology and Spare Arabian Financial Company join 38 other permitted firms operating under SAMA’s Regulatory Sandbox to 42. Of those, 15 have graduated by obtaining full authorisations and were licensed by SAMA.

  • Saudi’s SAMA Chief: Low-Cost Digital Central Bank in pipeline

    Saudi Central Bank (SAMA) Governor Dr. Fahd Al-Mubarak said that the Kingdom is striving to establish a low-cost digital central bank that simulates digital operations, which would have a hedge against the real liquidity maintained in central banks. Addressing the session of the Future Investment Initiative here Tuesday, he said that some countries have started experimenting with these systems. “The Kingdom has a cross-digital currency project with the UAE, and there is a large project for financial technology in Saudi Arabia,” he pointed out.