Saudi Central Bank Spearheads Financial Innovation and Inclusivity in 2024
As Saudi Arabia charges ahead with its Vision 2030 goals, the Kingdom’s central bank, SAMA, is leading the charge by driving pivotal initiatives and greenlighting various enterprises this year. These actions solidify the nation’s commitment to nurturing financial innovation and inclusivity.
Key Initiatives by SAMA in 2024
SAMA has introduced a slew of programs and approvals in 2024, from secure account services to discussions on reserve management and expanding investment training endeavors. The central bank has also issued licenses to strengthen payment and crowdfunding services, cementing its crucial role in the economic diversification of the Kingdom.
Enhancing Security and Accessibility
In May, SAMA unveiled the “View My Bank Accounts” initiative for individual bank account holders to enhance reliability and reduce risks associated with unauthorized account use. The central bank is focused on developing electronic financial transactions in line with international standards.
Navigating Macro-Financial Challenges
In April, SAMA organized a high-level meeting on reserve management, bringing together experts from central banks across the MENA region to discuss the latest trends. Governor Ayman Al-Sayari emphasized the importance of such meetings in navigating the complexities of the macro-financial environment.
Investment Immersion Program
SAMA launched the Investment Immersion Program in collaboration with the Wharton School, offering local investment professionals comprehensive training and job opportunities. Participants will receive technical courses, on-the-job training with international banks, and rotation in the investment deputyship at the Saudi Central Bank.
Steering Financial Stability
Governor Al-Sayari co-chaired the Financial Stability Board Regional Consultative Group for MENA meeting in Riyadh in February. Discussions focused on global financial stability vulnerabilities and lessons learned from the banking sector turmoil in 2023.
Fostering Financial Innovation
Throughout the year, SAMA has been granting licenses to payment and crowdfunding service providers. The central bank authorized companies like Thara, Network International Arabia, and Barraq to offer innovative financial solutions, promoting financial inclusion in Saudi Arabia.
Sohar International’s Expansion into Saudi Arabia
In January, Sohar International received a non-objection certificate from SAMA to expand into Saudi Arabia, aligning with its growth strategy. This move is expected to aid Omani corporations seeking to enter the Saudi market.
Overall, SAMA’s proactive measures highlight its dedication to bolstering Saudi Arabia’s economic growth and resilience in the dynamic global financial landscape.