The Saudi Arabian Monetary Authority (SAMA) has launched “Esal”, an e-invoicing digital business payment platform developed by Saudi Payments.
“Financial Sector Development Program is one of Saudi Vision 2030 programs that seeks to increase non-cash transactions and enhance the financial inclusion of small and medium enterprises (SMEs), through adopting latest technologies and digital transformation in the financial industry,” Ahmed Al Kholifey, the governor of the central bank said during the launching ceremony.
He added that the platform aims at boosting transparency by reducing the risks and costs of cash collection, as well as monitoring cash flow to government entities and general-purpose finances and businesses.
The platform will also improve payment management by providing detailed invoices and user-friendly graphs.
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