SAMA Deploys Blockchain Technology for Money Transfer with Local Banks

Monday 1441/10/16 - 2020/06/08
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Riyadh, June 8, 2020, SPA -- Saudi Arabian Monetary Authority (SAMA) has recently used blockchain technology to deposit part of the liquidity that SAMA had previously announced, to be injected into the banking sector, as part of SAMA's actions aimed at enhancing the sector's capabilities to continue its role in providing credit facilities.
This action comes as a part of SAMA's continuous efforts in exploring and experimenting emerging technologies and keeping lead pace with the global trends of central banks in assessing the impacts of such technologies on the financial sector.
SAMA is one of the pioneer central banks to experiment blockchain technology for money transfers, this move is one of the key innovative initiatives launched by SAMA in its program to enable and develop Fintech in the Kingdom. This includes among others: The Fintech Saudi Initiative in cooperation with the Capital Market Authority, the introduction of SAMA Regulatory Sandbox, and an array of digital banking services and payments.
12:34 LOCAL TIME 09:34 GMT