Blockchain technology to inject cash into Saudi Arabia banking sector

Dubai: Saudi Arabian Monetary Authority (SAMA) has recently used the blockchain technology to deposit portion of the previously announced cash to be injected into the banking sector, Saudi Press Agency (SPA) said on Monday.

The move is in line with SAMA’s strategy aimed at enhancing the sector’s capabilities to continue its role in providing credit facilities.

It also forms a part of the authority’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.

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.