Considering the growth of e-commerce and the desire to improve the mechanism of data collection related to the sector, Saudi authorities informed all banks in the Kingdom of the need to abide by the operational framework and technical and operational rules for the data quality development project.
The Saudi Central Bank has confirmed that all banks must complete requirements mentioned in the operational framework and the technical and operational rules related to the data quality project, with a commitment to share data based on the transmission mechanism agreed upon by Saudi Payments.
The Central Bank emphasized the need for commitment of all parties to what was stipulated in the Personal Data Protection Law regarding saving, collecting, processing, and sharing personal data.
Last year, Saudi Payments (Mada), which operates under the supervision of the Saudi Central Bank, granted permission to fintech Neo Leap to handle transactions through its payment system.
Saudi Arabia-based Neo Leap offers full financial transactions services, from POS to store services, cashier, payment gateway, and e-wallets.
Thanks to the technical authorization issued through the Saudi Payments permit center, Neo Leap can now provide advanced services for card payments to the individual and business sectors. Some of the services include secure storage of card data, support for pre-authorized transactions, and processing recurring payments.
Saudi Payments was established as a wholly owned subsidiary of the Saudi Central Bank with the mandate to continue the Central Bank’s legacy by continuing to develop secure, interoperable national payment infrastructure, serving banks and fintechs equally, and providing the required standardization to ensure all providers have a level playing field.
The Saudi Minister of Commerce Majid Al-Qasabi had recently revealed the growth of e-commerce in his country to exceed 32% annually, noting that the Kingdom is one of the top 10 developing countries in the field of e-commerce.