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'Samsung Pay' Service Enabled in Saudi Arabia during Q4 2024, Says SAMA

The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. (Reuters)
The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. (Reuters)
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'Samsung Pay' Service Enabled in Saudi Arabia during Q4 2024, Says SAMA

The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. (Reuters)
The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. (Reuters)

The Saudi Central Bank (SAMA) said on Tuesday that it signed an agreement with Samsung to enable the launch of Samsung Pay in Saudi Arabia during Q4 of 2024.

The agreement was signed at the inaugural 24 Fintech conference in Riyadh.

The step reflects SAMA's ongoing efforts to improve digital payment in Saudi Arabia, in line with the objectives of the Financial Sector Development Program, a key initiative of Saudi Vision 2030, the bank said in a statement.

It also reflects SAMA's commitment to developing a robust digital payments infrastructure through the national payments system "mada", thus moving toward a less cash-dependent society by providing advanced digital payment solutions that align with international standards.

The Samsung Pay service aims to offer an advanced and secure payment experience, enabling users to easily store and manage their digital payment cards with the Samsung Wallet application.

The launch of the Samsung Pay service is part of a series of technical innovations that aim at meeting market needs and advancing Saudi Arabia's position as a global pioneer in FinTech.

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EU Says Trump Arrival Will Not Impact Big Tech Cases

The logos of mobile apps, Google, Amazon, Facebook, Apple and Netflix, are displayed on a screen in this illustration picture taken December 3, 2019. REUTERS/Regis Duvignau/File Photo
The logos of mobile apps, Google, Amazon, Facebook, Apple and Netflix, are displayed on a screen in this illustration picture taken December 3, 2019. REUTERS/Regis Duvignau/File Photo
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EU Says Trump Arrival Will Not Impact Big Tech Cases

The logos of mobile apps, Google, Amazon, Facebook, Apple and Netflix, are displayed on a screen in this illustration picture taken December 3, 2019. REUTERS/Regis Duvignau/File Photo
The logos of mobile apps, Google, Amazon, Facebook, Apple and Netflix, are displayed on a screen in this illustration picture taken December 3, 2019. REUTERS/Regis Duvignau/File Photo

The European Commission said on Tuesday it was assessing its cases against Apple, Google and Meta and that President-elect Donald Trump's impending arrival in the White House did not affect its commitment to enforcing its laws on big tech.

The European Commission has carried out a series of investigations into US tech firms under its Digital Markets Act and Digital Services Act, which seek to make large platforms adhere to market rules and act against illegal content, according to Reuters.

Meta chief Mark Zuckerberg said Europe was "institutionalizing censorship".

"We have been very clear that no matter which administration is in place in third countries, this will not affect our enforcement work," a Commission spokesperson told the EU's executive's daily briefing.

The Financial Times reported that the European Commission was reassessing its investigations of Apple, Meta and Google in a review that could lead it to scale back or change its investigations that could lead to fines as US groups urge Trump to intervene.

The Commission denied it was carrying out a review.

"What we do have is upcoming meetings to assess maturity of cases, to assess the allocation of resources and the general readiness of the investigation," the spokesperson said.

The spokesperson said that the cases were still being handled at a technical level and so not reached a point at which decisions could be taken.

"Obviously there may be a political reality which puts pressure on the technical work, but we need to distinguish the two stages because we need to have a court-proof investigation," another spokesperson said.