Saudi Arabia pressing ahead with Fintech to become cashless society, says SAMA official

Saudi Arabian Monetary Authority (SAMA) is proceeding with the implementation of Fintech solutions to create a cashless society, while maintaining the interests of individuals and companies, Al Eqtisadiah reported, citing Ayman Alsayari, Deputy Governor of SAMA.

“The central bank is working on spreading innovative ideas, and create job opportunities in new industries, in line with Vision 2030,” Alsayari said at the digital event organized with the G20 Saudi Secretariat as part of the International Conference program.

“Several Fintech solutions are being currently implemented including Artificial Intelligence (AI), blockchain, and mobile apps, in line with consumer interests,” he added.

Alsayari further noted that money and technology have become integrated, adding that SAMA is making efforts to boost the application of security regulations to address new tech challenges.