Clare: The new payment system is designed to reduce the dependency on cash in the Kingdom
International Finance Business Desk
The Saudi Central Bank recently announced that the launch of a new electronic instant payments system is scheduled to take place on February 21st.
The new payment system is designed to reduce the dependency on cash in the Kingdom. Successful trials have already been completed and soon the launch will happen with the participation of other banks operating in the Kingdom.
The recent developments come after the Kingdom recorded a 75 percent increase in digital payment activities last amid the coronavirus pandemic. The central bank further added the new payment system would improve the transparency of payments between companies and individuals and facilitate immediate financial transfers between accounts in local banks, with lower fees than current interbank transfers.
The Saudi Central Bank, which was previously known as the Saudi Arabian Monetary Authority (SAMA) has encouraged companies in the insurance sector to consider merger and acquisition (M&A) deals to reduce cost, increase efficiency and improve customer service, media reports said. The central bank believes mergers and acquisitions can make the sector more competitive and strengthen its financial position.
Citing the merger of Walaa Cooperative Insurance and Metlife AIG ANB Cooperative Insurance, and of Gulf Union National Cooperative Insurance and Al Ahlia Insurance as examples, SAMA has stressed that such deals can help improve the financial solvency of the companies involved in the deal.
Last year, the apex bank also imposed a ban on combining and insurance and reinsurance brokerage activities in the same firm. The decision stems from an attempt to boost stability in the insurance sector and add value to the Kingdom’s economic growth. LINK
DeepWoodz: Imo… The agenda of the session No. (34) Monday 11 / January / 2021
Snippet concerning Saudi Arabia….
Fifth: The first reading of the draft law on ratifying the air transport agreement between the government of the Republic of Iraq and the government of the Kingdom of Saudi Arabia. (Committee on Foreign Relations, Committee for Services and Reconstruction).
Was right in the middle of the talk about the budget!
Previous article on the big boys…
“The first of these Arab countries with the most gold came in Saudi Arabia, with an amount of 323.1 tons
“Although Iraq has the second largest reserves in the world after the Kingdom of Saudi Arabia, this is estimated at about 110 billion barrels, which is equivalent to about 11 percent of the world’s total reserves”
These are just a couple memories and there are many between Iraq and SA!
MilitiaMan: Think about this too. We saw last year the recovered 40 Tonnes of gold off the Syrian Border.. Not added to the reserves yet.. Wonder why? I do.
They also told 1 year +- ago that Interpol had found or uncovered an estimated 180 billion in stolen money. Then the World Bank is suggesting the e assets found upwards of $500 billion. They are working to claw it back.
No wonder the “Coalition of Law” group and Maliki are for changing the Exchange rate.. They’ll too need money to pay for security. If they’re ill gotten gains get clawed back, could get a bit hot around the collar without being able to afford A/C… lol
Aside from the fact that the Taxes and Tariffs, Liquid Natural Gas, Tourism, Phosphates, Sulfur, Gold, and on an on, will support their REER (Real Effective Exchange Rate) !! Big time.. imo..~ MM
Frank26: Friday night “Dessert”: VIDEO LINK
The first part of call is about products from members
The Dinar Intel starts about half way through video…
Also, Intel from MilitiaMan…