The Central Bank of Saudi Arabia – “SAMA” announced today, Monday, the launch of the “Instructions on Practices for Financing Digital Intermediation” project to solicit public opinion, calling on the public, stakeholders and specialists in this regard, in order to strengthen the principle of transparency and participation , express their opinions and observations on the project, through the “Poll” platform of the National Center for Competitiveness.
The bank said in a statement that these instructions come from the role of the Central Bank of Saudi Arabia in overseeing and overseeing the funding of digital brokerage services. And its ongoing efforts to develop the financial sector in general and empower the fintech sector in particular.
And the Central Bank indicated that these instructions are considered to be an offshoot of the regulations for licensing financial support activities issued by the Central Bank and are aimed at establishing the minimum standards and procedures necessary for the implementation of digital intermediation financing activities in a way that promotes growth and sustainability of activities. Without ignoring the principles and rules of protecting clients of financial institutions and their rights.
The Central Bank of Saudi Arabia stated that opinions and comments on the Draft Guidelines for Digital Intermediation Financing Practices will be received within (15) days, noting that all opinions and comments will be subject to study. for the purpose of approving the final version of these instructions.