Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has recently applied blockchain technology in depositing part of the previously announced liquidity injection into the banking sector, as part of efforts to enhance the sector’s capabilities in offering credit facilities.
The step extends SAMA’s efforts in discovering and experimenting new technologies and keeping pace with global trends of central banks in evaluating the impact of modern technologies on the financial sector, according to a press release on Monday.
SAMA was one of the leading central banks to deploy blockchain technology in money transfers, an innovative initiative that aims to empower and develop financial technology (FinTech) across the kingdom.
SAMA launched the Fintech Saudi Initiative, in cooperation with the Capital Market Authority (CMA), as well as the SAMA Regulatory Sandbox, and other digital banking services and payment solutions.
