RIYADH: The Saudi Arabian Monetary Authority (SAMA) has recently used blockchain technology to deposit part of the liquidity it announced to be injected into the banking sector.
This is part of SAMA’s actions aimed at boosting the sector’s capabilities to continue providing credit facilities. SAMA is one of the first central banks to experiment with blockchain technology for money transfers. The move is one of the key innovative initiatives launched by SAMA 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, and an array of digital banking services and payments.
SAMA is striving to explore and experiment with emerging technologies to keep pace with the global trends of central banks.