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SAMA to Introduce Independent Instant Payment System in Saudi Arabia

SAMA to Introduce Independent Instant Payment System in Saudi Arabia
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SAMA to Introduce Independent Instant Payment System in Saudi Arabia

SAMA to Introduce Independent Instant Payment System in Saudi Arabia

The Saudi Arabian Monetary Authority (SAMA) has revealed a project to introduce an instant payment system in the Kingdom.

It announced licensing two digital wallet companies, bringing the number of authorized payment companies to four in the financial technology sector.

SAMA said this step is significant in the financial sector development program to achieve the Kingdom’s Vision 2030.

SAMA Governor Ahmed Alkholifey has expressed great interest in investing to develop a solid infrastructure for the financial sector.

He said this could be done by working on a program to develop digital payment solutions that mainly promotes economic development by increasing the effectiveness of financial transactions among all parties in the corporate and retail sectors.

In his speech on the sidelines of MEFTECH Conference, organized by SAMA in Riyadh, Alkholifey said the project will enable banking institutions and financial technology companies to improve current banking products, manage cash flows for the business sector and provide innovative services that meet customer needs and aspirations.

It will also enhance and raise their risk management efficiency and combat fraud and money laundering, he added.

Recent developments in the instant payment system will positively accelerate e-transactions on the medium and long terms and contribute effectively to achieving the initiative to move towards a society less dependent on cash, Alkholifey explained.

His remarks were made as the rate of e-payments in the Kingdom increased in H1 2019. The rate non-cash transactions increased to 36.2 percent, exceeding the target rate in 2020 of 28 percent.

He affirmed that the results of the performance of the Saudi payment systems have showed a record growth in the number of POS operations by 57 percent, reaching more than 1.6 billion payments through SAMA’s website alone.

The total value of operations amounted to an unprecedented record, exceeding SAR287 billion, with a growth rate of 24 percent, he said, adding that the number of operations implemented through NFC reached 918.5 million, with a growth rate of 442 percent.

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15th Turkish-Arab Economic Cooperation Forum Kicks Off in Istanbul

Aboul Gheit addressing the opening session of the forum (Arab League - X)
Aboul Gheit addressing the opening session of the forum (Arab League - X)
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15th Turkish-Arab Economic Cooperation Forum Kicks Off in Istanbul

Aboul Gheit addressing the opening session of the forum (Arab League - X)
Aboul Gheit addressing the opening session of the forum (Arab League - X)

The Secretary-General of the Arab League, Ahmed Aboul Gheit, stressed the need for Arab-Turkish economic cooperation to extend beyond trade into broader areas that drive sustainable economic development for both sides.

Speaking at the 15th Turkish-Arab Economic Forum in Istanbul, Aboul Gheit emphasized the importance of collaboration in infrastructure, clean energy, green technology, and services such as tourism and fintech. He also highlighted the potential for joint efforts in scientific research and innovation aimed at mutual economic benefit.

Aboul Gheit pointed out the significant growth in trade between the Arab world and Türkiye in recent years. In 2022, Turkish exports to Arab countries amounted to $46 billion, while Arab exports to Türkiye reached $36 billion, representing a notable share of both sides’ overall trade. However, he urged expanding this relationship to include sectors like energy, technology, and logistics, leveraging the strategic geographical position of both regions as a crucial economic bridge connecting Asia, Europe, and Africa.

The forum, themed “Türkiye and the Arab World: A Global Corridor in Investment, Trade, and Technology,” was organized with the support of Türkiye’s Ministry of Treasury and Finance, the Ministry of Foreign Affairs, and other major regional institutions. It aimed to explore new opportunities in emerging sectors such as green energy, fintech, logistics, and capital markets, while addressing the regional and global economic challenges impacting both sides.

Turkish Minister of Treasury and Finance Mehmet Simsek acknowledged the uncertainty facing the global economy, which is limiting growth, especially in global trade. He also noted the rapid advancements in artificial intelligence, which are expected to reshape industries and societies. Simsek emphasized the need for Türkiye and the Arab world to capitalize on their potential for economic integration, particularly in this time of global economic shifts.

For his part, Egyptian Finance Minister Ahmed Kojak underlined Egypt’s efforts to ensure financial stability, production growth, and export competitiveness. He pointed to Egypt’s role in regional cooperation, highlighting initiatives such as the electricity grid connection with Saudi Arabia, which showcases the potential for regional collaboration in energy.

Tunisian Minister of Economy and Planning Samir Abdelhafidh focused on the advantages of developing economic corridors between Türkiye and the Arab world, particularly through free trade agreements, while Iraqi Finance Minister Taif Sami Mohammed stressed Iraq’s openness to cooperation with Türkiye, noting the country’s strategic position for global trade.

In turn, Kuwaiti Finance Minister Noura Suleiman Al-Fusam highlighted the need to remove trade barriers to increase interactions between Türkiye and the Arab world, with a focus on fostering investments.