Saudi e-payment system among world’s most advanced: SAMA Governor

Saudi Arabia’s e-payment system has become one of the most advanced worldwide in terms of digital infrastructure, said Ayman Al-Sayari, Saudi Central Bank’s (SAMA) Governor.

The Saudi central bank is mandated to actively invest in the development of the Kingdom’s fintech infrastructure, added Al-Sayari on the sidelines of the Money 20/20 Middle East Fintech Conference.

SAMA is laying down the core regulatory framework to support fintech growth in Saudi Arabia, he noted.

The Saudi central bank’s role extends beyond supervision to creating an environment that fosters innovation, while also safeguarding stability and supporting the fintech ecosystem. This includes facilitating market opportunities, providing shared infrastructure, and establishing a clear regulatory framework, the top executive underlined.

In Saudi Arabia, the number of fintech players has tripled since 2022, underscoring global investor confidence in the Kingdom as a safe destination and reinforced the strength of its payment infrastructure.

This well-established regulatory framework allows for both consumer protection and the advancement of new technologies. Earlier this year, SAMA introduced a draft regulation aimed at advancing the local payment system, thus bolstering the expansion of the financial sector and identifying limitations to ensure financial stability.

SAMA is upgrading the check-clearing system by adopting new standards, enabling daily settlement of checks, easing fund transfers, and supporting the development of new payment systems.

Al-Sayari also touched on the launch of a dedicated platform for SAMA’s digital services to enhance investor experience, streamline processes, and ensure efficient licensing and approvals.

The fintech industry will thrive when technical standards and infrastructure are harmonized, and when companies enable innovation convergence. Fintech innovations, from e-payment systems to open banking, are creating pivotal opportunities in the Kingdom, he noted.