We aim to reduce the dependence on paper criticism through this method

At the inauguration of the exhibition and conference on financial technology "Mivtec" in Riyadh

Ahmed bin Abdulkarim Al Khulaifi, Governor of the Saudi Monetary Agency (SAMA) opened the Middle East Financial Technologies Exhibition and Conference (MEEFTEC), which is being held for the second time in Riyadh.

MEFTEC is the largest banking and financial services event in MENA (Middle East and North Africa) and is organized jointly with Saudi payments Mada and SADAD. The conference brought together leading experts in the financial technology industry to discuss industry trends and issues related to the region's mobile and smart phone market. Participants also discussed the digital transformation in the banking sector, the promotion of non-cash payments in the Kingdom, artificial intelligence in the e-commerce sector, the impact of Block Qin technology on the payments market and the future of digital currencies.

Mr. Ahmed Al-Khulaifi pointed out that one of the most important goals of the Foundation is to seek to reduce dependence on paper criticism by constantly developing the infrastructure of national payment systems in order to support and facilitate the transition from electronic payments to the environment. One of the objectives of the Vision 2030 Financial Sector Development Program.

The SAMA Governor emphasized that efficient payment systems are characterized by a mechanism consistent with the principle of interoperability and standardization among all parties concerned. In order to achieve the compatibility objective, he explained that the institution had worked with the Saudi payment system "Mada" during the last period to standardize the standards adopted for the payment of smart devices by means of the QR Code technology, which helps to improve service levels and facilitate one-stop service delivery. Customers from all e-portfolios of different brands to develop an integrated payment environment that allows all parties to benefit from this service in accordance with the open loop payment environment concept, so that traders, individual customers and service providers are linked to the completion of operations. To pass the same code regardless of the service provider.

The Governor praised the remarkable cooperation of the relevant government sectors and local banks over the past period to concretize financial sector development program initiatives related to digital transformation, supporting the spirit of the economy. enterprise and financial technology development in order to achieve the goals of the 2030 Kingdom vision and meet the requirements of integrated work to achieve common goals. And especially the elevation of our dear homeland. "

For his part, Mr. Ziad Al Yousuf, President and CEO of Saudi Payments, expressed his pride in the early blessed digital payments in the Kingdom, which is part of the ongoing development efforts and efforts of the company. 39; State aimed at developing the national economy and to meet all the challenges associated with the operations of purchase and sale, according to the wise vision. Targeting domestic processing and providing the necessary support to the financial payments, e-commerce and retail sector in Saudi Arabia.

Al-Yousef said SAMA was seeking to regulate the electronic payments sector in the Kingdom and maintain the required security standards in light of the expected spread of this technology within the category of small and small businesses and shops. to open new entities to participate in the national payment system and provide innovative services for different categories of customers.

The Saudi Monetary Agency (SAMA) has announced the launch of Apple Pay, which allows users to easily make payments and purchases via IOS smartphones to increase payment options for Saudi users and to offer more digital solutions to facilitate payments and purchases. It serves the process of digital transformation.