The Saudi Central Bank (SAMA) has issued controls on electronic issuance and verification for banking documents, as part of its ongoing efforts to improve the quality of e-services provided to clients of the banking sector and increase their quality and efficiency.
According to SAMA, this is to ensure that financial transactions are made easier, by reducing the effort needed for obtaining banking documents and certificates and adding confidence in the authenticity of electronically issued documents.
SAMA stated that the regulations determine the conditions that banks should consider upon issuing banking documents, obliged banks to provide e-verification services of documents issued electronically or on paper, where these documents should include the means necessary for e-verification.
These controls include the minimum limit of banking documents necessary for being electronically issued, which are the most needed by clients, such as the banking certificate, debt statement, and clearance and SAMA noted that these controls will go into effect on April 1, 2022.
Recently, SAMA updated the rules for practicing debt crowd funding activities. This step comes in line with SAMA’s continued efforts to develop the finance sector and to keep abreast of recent developments in the finance industry as well as support Fintech which has resulted in the emergence of a number of Fintech companies.
It also developed the Open Banking initiative and services through further collaboration with the market to support the Kingdom’s economic growth and safeguarding financial and monetary stability. This initiative is in line with strategic priorities set in the Saudi Vision 2030 and in the Financial Sector Development Program (FSDP).
