Saudi Monetary Authority Deployed Blockchain Tech for Money Transfer With Local Banks

Saudi Monetary Authority Deployed Blockchain Tech for Money Transfer With Local Banks

by 22. June 2020

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 continues 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 was one of the key innovative initiatives launched by SAMA in its program to enable and develop Fintech in the Kingdom. This include 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.

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