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Saudi Central Bank Joins mBridge Project

Saudi Central Bank Joins mBridge Project
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Saudi Central Bank Joins mBridge Project

Saudi Central Bank Joins mBridge Project

As part of the Saudi Central Bank's (SAMA's) pursuit to build a robust and innovative cross-border payments infrastructure in collaboration with various international financial institutions and central banks, SAMA joined the Bank for International Settlements' (BIS) mBridge project as a participant in the Minimum Viable Product (MVP) platform, SAMA said in a statement on Wednesday.

The MVP platform is a multi-central bank digital currency -- wholesale CBDC -- system that aims to facilitate cross-border payments between commercial banks in different jurisdictions. It is considered the first multi-wCBDC platform to reach the MVP phase of development, SAMA said.

SAMA has been investigating the potential of wholesale CBDC through the analysis of policy-related issues to evaluate the feasibility of using wholesale CBDC to boost the effectiveness of cross-border payment and settlement between commercial banks.

During Saudi Arabia's presidency in October 2020, the Group of Twenty (G20) top economies agreed on a roadmap to enhance global cross-border payments, aiming to facilitate cheaper, faster, more inclusive, and more transparent payment transactions.

The roadmap called for an evaluation of the proposed local designs for the digital currency of several central banks and experimentation with its use in settling cross-border payments.

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Global Firms to Asharq Al-Awsat: Saudi Arabia Speeds Up AI Progress

Panel discussion at the Global AI Summit in Riyadh, Saudi Arabia (Asharq Al-Awsat)
Panel discussion at the Global AI Summit in Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Global Firms to Asharq Al-Awsat: Saudi Arabia Speeds Up AI Progress

Panel discussion at the Global AI Summit in Riyadh, Saudi Arabia (Asharq Al-Awsat)
Panel discussion at the Global AI Summit in Riyadh, Saudi Arabia (Asharq Al-Awsat)

Global tech companies at the third Global AI Summit in Riyadh emphasized Saudi Arabia’s rapid progress in artificial intelligence, noting the Kingdom’s growing leadership in the field.

They highlighted the summit as a key opportunity for businesses to expand their local and international partnerships.

In talks with Asharq Al-Awsat, they described the summit as a major event that shapes the future of AI, helping to address challenges and fully leverage the technology.

The companies also pointed out that AI, closely tied to cloud computing, provides dynamic and complex solutions. They stressed that managing and protecting AI requires top-notch cybersecurity standards.

Abdulrahman bin Mohammed Al-Thehaiban, managing director of Google Cloud for the Middle East, Türkiye and Africa region (META), stressed the importance of AI, which is closely linked to cloud computing and offers innovative, adaptable solutions.

Speaking to Asharq Al-Awsat, Al-Thehaiban highlighted Google Cloud’s role in the event. He emphasized the company’s goal to connect with clients locally and globally, showcasing its AI technology solutions.

Al-Thehaiban said Google Cloud meets all AI needs for businesses and governments, including those related to climate change. He mentioned partnerships with the Saudi Data and Artificial Intelligence Authority (SDAIA) that have trained women in AI.

He added that AI now significantly impacts not just businesses and governments but also individuals, with increasing reliance on the technology.

Al-Thehaiban also noted that while data collection was a major focus six years ago, it is now crucial for implementing AI solutions.

Ahmed Al-Reshoodi, COO of Saudi Cloud Computing Co., told Asharq Al-Awsat that AI needs advanced cloud services and strong data management and cybersecurity.

At the third Global AI Summit in Riyadh, he noted his company’s focus on localizing the latest technologies in Saudi data centers, operated by local talent, supporting Vision 2030 goals.

Al-Reshoodi said the company works with various organizations across the Kingdom, including government, private, financial, and small businesses.

He highlighted that AI is increasingly used in smart cities, financial tech, and healthcare, and emphasized his company’s commitment to meeting Saudi Arabia’s growing cloud service needs.