The Saudi Central Bank (SAMA) announced the approval of using the “Visitor ID” for opening bank accounts at banks in the Kingdom of Saudi Arabia, in “accordance with banks’ account opening rules.”
The “Visitor ID,” issued by the Ministry of Interior, “serves as an official identification document for visitors to the Kingdom, and it can be verified through authorized digital platforms.”
This decision will enable banks to open accounts “for new consumer segments and enhance the visitor experience during their stay in the Kingdom.”
SAMA also clarified that this update to the bank account rules is “part of a periodic review, which keeps pace with regulatory developments, facilitates procedures for opening and operating bank accounts, and further promotes financial inclusion and supports digital transformation initiatives in banking services. ”
The Saudi Central Bank (SAMA) also recently licensed “Global Exchange AS Currency Service Limited” company to “engage in buying, selling, and exchanging foreign currencies in Saudi Arabia, bringing the total number of licensed money exchange centers to 66.”
This decision reflects SAMA’s endeavor to support and “enable the money exchange industry, increase the efficiency and flexibility of financial transactions, enhance financial inclusion in Saudi Arabia, and ensure access to financial services for all segments of society.”
SAMA emphasizes the importance of “dealing exclusively with authorized financial institutions.”
In addition to this, SAMA has licensed “Muhlah Zamaniyah” company to engage in “consumer microfinance activity through financial technology.”
With Muhlah Zamaniyah, there are “now (11) licensed companies offering consumer microfinance solutions in Saudi Arabia.”
This addition brings the total “number of finance companies licensed by SAMA to (68) companies.”
This decision reflects SAMA’s endeavor to “support the finance sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.”
SAMA has also noted that it licensed “Hot Spot” company to “provide finance aggregation services in Saudi Arabia.”
This decision reflects SAMA’s endeavor to support the Middle Eastern nation’s financial services ecosystem, boost the overall efficiency of digital transactions, and enable improved financial solutions for financial inclusion in the MENA region country.