What's Happening?
The Saudi Central Bank (SAMA) is spearheading efforts to transform the Kingdom's payment systems as part of its Vision 2030 initiative. Under the leadership of Deputy Governor Abdulaziz Abanmi, SAMA is focusing on enhancing the resilience and robustness of national payment systems to handle increasing transaction volumes and emerging threats. The Kingdom has already achieved significant milestones, with electronic payments accounting for 79% of retail transactions. SAMA is also fostering a vibrant fintech ecosystem by opening the market to non-bank players and supporting fintech start-ups through initiatives like the Regulatory Sandbox.
Why It's Important?
Saudi Arabia's advancements in payment systems are crucial for its economic diversification and digital transformation goals. By positioning itself as a leader in global finance, the Kingdom aims to enhance financial inclusion, transparency, and efficiency. The proactive role in harmonizing cross-border payment standards with international bodies like CPMI and BIS further underscores its commitment to global financial integration. These efforts not only support domestic economic growth but also strengthen Saudi Arabia's influence in the global financial landscape.
What's Next?
SAMA plans to continue improving its payment systems' resilience and expand international payment acceptance. Initiatives to modernize the core RTGS system and introduce new sarie-based services for large-volume transactions are underway. These efforts aim to support the Kingdom's booming e-commerce sector and position Saudi Arabia at the forefront of global payments innovation.
