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SAMA to License Electronic Cash, Payment Companies

Saudi Arabian Monetary Agency (SAMA) logo
Saudi Arabian Monetary Agency (SAMA) logo
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SAMA to License Electronic Cash, Payment Companies

Saudi Arabian Monetary Agency (SAMA) logo
Saudi Arabian Monetary Agency (SAMA) logo

Saudi financial authorities are considering a proposal for licensing electronic cash companies, within the framework of its regulation of payment services in the country, amid strict regulatory and procedural requirements to control governance in financial companies and institutions.

Saudi Arabian Monetary Agency (SAMA) issued a draft proposal for the regulations of payments services in the country, to request public views on a number of financial directions which allow banks to enter the market for payment services, as well as the establishment of small and large payment enterprises, in addition to allowing licensing of electronic money companies in the Kingdom.

The draft states that banks in Saudi Arabia can apply for the services of payment activity, which includes carrying out payment operations and issuing its tools, in addition to electronic money, accepting payment transactions, transferring funds, deposit, and cash withdrawal service.

SAMA requested public consultations on licensing payment companies and issuing electronic cash according to the requirements of minimum capital of SR5 million for small payment companies, while large companies must have a minimum of SR15 million.

Small electronic cash companies are required to have SR10 million, compared to SR30 million for large entities.

The Authority set strict restrictions on merit, efficiency, and governance, affirming that putting forward the rules regulating the provision of payment services in the Kingdom to the public comes within the principle of transparency and inclusion.

SAMA explained that the project is part of its efforts to achieve the goals of the Financial Sector Development Program (FSDP), one of the pillars of Vision 2030.

It enables financial institutions to support private sector growth by opening financial services to non-banking actors, which in turn supports the development of the national economy.

In other news, SAMA revealed that the number of new residential mortgages for individuals provided by banks and institutions saw a 159 percent increase exceeding 155,000 contracts until last November 2019, with a total value exceeding $2 billion.

In November, the volume of financing villas proved the largest proportion by $1.7 billion, which is 80 percent of total mortgages, while apartments hit 14 percent, and land purchases 6 percent.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.