Saudi Arabia Deploys Blockchain Technology for Money Transfers

Published June 9th, 2020 - 06:05 GMT
Saudi Arabia Deploys Blockchain Technology for Money Transfers
SAMA is one of the pioneer central banks to experiment blockchain technology for money transfers. (Shutterstock)

Saudi Arabian Monetary Authority (SAMA) has recently used blockchain technology to deposit part of the liquidity previously announced to be injected into the banking sector. This is part of SAMA's actions aimed at enhancing the sector's capabilities to continue its role in providing credit facilities.

This comes as a part of SAMA's continuous efforts in exploring and experimenting emerging technologies and keeping pace with the global trends of central banks in assessing the impact of such technologies on the financial sector, a Saudi Press Agency (SPA) report said on Monday.

SAMA is one of the pioneer central banks to experiment blockchain technology for money transfers. The 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.


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