SAMA uses blockchain to pump cash into Saudi’s banks
Saudi Arabian Monetary Authority (SAMA) has recently used blockchain technology to deposit part of the liquidity that it had previously announced, to be injected into the banking sector. This is in line with SAMA’s actions aimed at enhancing the sector’s capabilities to continue its role in providing credit facilities, according to the Saudi Press Agency.
This action also comes as a part of SAMA’s continuous efforts in exploring and experimenting with emerging technologies and keeping lead pace with the global trends of central banks in assessing the impacts of such technologies on the financial sector.
SAMA is one of the pioneer central banks to experiment blockchain technology for money transfers, this move is one of the key innovative initiatives launched by SAMA in its program to enable and develop Fintech in the Kingdom. This includes among others: The Fintech Saudi Initiative in cooperation with the Capital Market Authority, the introduction of SAMA Regulatory Sandbox, and an array of digital banking services and payments.