Saudi Arabia embraces fintech, AI, open banking: Alsayari

Saudi Arabia is adopting cutting-edge technologies—digital payments, artificial intelligence and open-banking frameworks—to boost efficiency and financial inclusion, while preventing their misuse to facilitate financial crimes, Saudi Central Bank (SAMA) Governor, Ayman Alsayari, said.

Speaking at a session on the sidelines of the IMF–World Bank Annual Meetings in Washington, he said financial crimes—whether money laundering, fraud or the financing of illicit activities—are complex global challenges with negative repercussions.

He added that the Kingdom is tackling these risks through a comprehensive, strategic approach embedded in Vision 2030, which places integrity and transparency at the heart of economic transformation.

Alsayari noted that Saudi Arabia remains open to foreign investment, while ensuring the integrity, traceability and lawful origin of funds.

The Kingdom has developed an advanced national framework to combat money laundering, terrorist financing and corruption, supported by specialized committees and tools to fight financial crime.

He also highlighted SAMA’s regulatory sandbox as a key instrument that provides a safe environment to test new financial technologies, under strict anti-money-laundering and counter-terrorist-financing requirements.