The Saudi Central Bank (SAMA) has launched “Naqd,” a government banking services platform designed to reduce the time required to complete government-banking procedures.
The platform enables government entities to easily access their accounts at SAMA so they can seamlessly conduct financial transactions through a secure digital platform.
In addiiton to around-the-clock access to account information, a key benefit of the platform is its ability to instantly monitor transactions to and from government entities. This initiative is part of SAMA’s strategy to deliver banking services to government entities, as well as supporting digital development
In June, Saudi introduced the first international digital wallet to serve Haj and Umrah pilgrims. Earlier this month, Saudi Arabia’s Ministry of Commerce, reported a significant increase in the issuance of existing commercial records for e-commerce in the Kingdom.
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