In a move to bolster digital financial transactions, the Ministry of Finance in Saudi Arabia has entered into a cooperation agreement with Al Rajhi Bank, Arab National Bank, and Simplified Financial Solutions Company (SiFi). The signing took place on October 9, 2024, at the ministry's headquarters in Riyadh. The agreement was overseen by Mr. Haitham Altraif, the Saudi Assistant Minister of Finance for Financial Affairs.
The primary goal of this collaboration is to enhance the method of disbursing advances using bank cards. This initiative aligns with the objectives of the Financial Sector Development Program and supports Saudi Vision 2030's aim to increase digital financial transactions.
Representatives from each entity participated in the signing ceremony. Mr. Hamad Alkanhal, Saudi Deputy Minister of Finance for Financial Affairs and Accounts, signed on behalf of the Ministry. SiFi was represented by its CEO, His Excellency Mr. Ahmed AlHakbani; Arab National Bank by Mr. Khaled Al-Rashed, Head of Retail Banking Group; and Al Rajhi Bank by Mr. Hossam Al Basrawi, General Manager of the Corporate Sector.
This agreement marks a continuation of efforts by the Ministry to partner with private sector entities to further digital transformation goals set out in Vision 2030. Previously launched phases have already contributed to reducing cash transactions and enhancing financial oversight.
Mr. Hamad Alkanhal highlighted that this expansion into a second phase reflects earlier successes and underlines ongoing efforts to ensure sustainable management of public finances through modern disbursement methods involving bank cards and electronic channels linked to financial data analytics technologies.
Alkanhal also expressed optimism about future collaborations: "These efforts contribute to building a clear vision that supports sound financial decision-making," he said while encouraging more banks and financial companies to participate in similar initiatives.
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