Saudi Press: Financial Reforms and Kingdom's Vision Objectives

Thursday 1441/3/17 - 2019/11/14
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Riyadh, Nov. 14, 2019, SPA -- Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas.
Al-Yaum newspaper said in its editorial entitled (Financial Reforms and Vision Objectives) that the Minister of Finance confirmed, while patronizing of the first session of the Zakat and Income Conference and the accompanying exhibition yesterday, that the economic and social transformations being witnessed in the Kingdom of Saudi Arabia are seen as steps to achieve the goals of economic diversification and sustainable growth within the framework of the plans set for the Kingdom's ambitious vision 2030. The paper added that such plans have already begun to reflect their tangible and remarkable results in diversifying the sources of income and not to rely entirely on oil resources .
Al-Riyadh newspaper said in its editorials that the Saudi Arabian Monetary Authority (SAMA) has an advanced global experience in establishing the Saudi Payments Network (SPAN), since 1990. The paper noted that (SPAN) is the only automated mean in the Kingdom of Saudi Arabia that facilitates cash payments between government agencies and beneficiaries, and connects all ATMs and point of sale terminal (POS terminal) across the Kingdom to a centralized payment network that redirects financial transactions to the card issuer. The paper added that (SPAN) is currently witnessing rapid developments as a result of the huge transformation in the payment sector towards adoption of electronic means, in line with the Kingdom's Vision 2030 and the Financial Sector Development Program to raise the rate of digital financial transactions, and reduce the use of paper money.
09:32 LOCAL TIME 06:32 GMT