The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in Riyadh, in the field of Fintech and innovation.
The agreement was signed by Ayman Al-Sayari, Governor of SAMA, and Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of Singapore, representing MAS.
The agreement aims to “strengthen collaboration and foster mutual development of the two organizations.” It seeks to facilitate activities “in international markets while respecting the rights and obligation of both parties, provide a robust framework for cooperation between the innovation departments of both organizations, establish effective mechanisms for sharing information regarding Fintech and innovation, promote their utilization in the markets and enhance cooperation and foster coordinated efforts in areas of mutual interest.”
This cooperation agreement represents “a landmark milestone in advancing Fintech and innovation; showing high commitment to leveraging resources and expertise available to both parties.”
The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in Riyadh, in the field of Fintech and innovation.
The agreement was signed by Ayman Al-Sayari, Governor of SAMA, and Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of Singapore, representing MAS.
The agreement aims to “strengthen collaboration and foster mutual development of the two organizations.” It seeks to facilitate activities “in international markets while respecting the rights and obligation of both parties, provide a robust framework for cooperation between the innovation departments of both organizations, establish effective mechanisms for sharing information regarding Fintech and innovation, promote their utilization in the markets and enhance cooperation and foster coordinated efforts in areas of mutual interest.”
This cooperation agreement represents “a landmark milestone in advancing Fintech and innovation; showing high commitment to leveraging resources and expertise available to both parties.”
Recently, the Saudi Central Bank (SAMA) permitted “Kadi Pay” to provide Buy Now Pay Later (BNPL) solutions.
With Kadi Pay, there are now six authorized companies “offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.”
The BNPL solutions provide finance “to customers wishing to buy products and services without incurring financing costs.”
This decision reflects SAMA’s endeavor “to support BNPL, finance and FinTech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia.”
SAMA emphasizes the importance of “dealing exclusively with authorized financial institutions.
To view licensed and permitted financial institutions, visit SAMA’s official website.
In another update, it was noted that the Saudi Central Bank is looking to strengthen its connections with the People’s Bank of China (PBOC) via bilateral dialogues, collaborations in multilateral forums, “as well as partnerships in international organizations, stated Governor Ayman Al-Sayari.”