SAMA Uses Blockchain Technology for Money Transfer with Local Banks

SAMA Uses Blockchain Technology for Money Transfer with Local Banks

SAMA (The Saudi Arabian Monetary Authority) has recently used blockchain technology to deposit part of the liquidity that the banking sector will get.

This is part of SAMA’s actions to boost the sector’s capabilities to continue providing credit facilities.

More so, SAMA is one of the first central banks to experiment with blockchain technology for money transfers. The move is a key innovative initiative that SAMA has launched to promote Fintech in the Kingdom.

Other SAMA initiatives include the Fintech Saudi Initiative launched in cooperation with the Capital Market Authority; the introduction of SAMA Regulatory Sandbox, as well as an array of digital banking services and payments.

SAMA is also striving to explore and experiment with emerging technologies. This is to keep pace with the global trends of central banks