2021 Q1 Report En · Page 5

 
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Financial Sector Development Highlights 
The Saudi Central Bank (SAMA) Wins the Best Initiative 
for Business Continuity Award in 2020 
In the International Central Banking Journal, the Central 
Banking Committee granted SAMA the Best Initiative for 
Business Continuity Award in 2020 after a thorough 
evaluation of the Bank's performance. SAMA was found to 
match the necessary criteria for the Award, especially in 
terms of innovation and creativity for business continuity 
planning, notwithstanding its adherence to the relevant 
international standards that allowed the bank to maintain 
operational flow without any interruption. 
The Central Bank provided all the necessary technological 
tools required to facilitate working at a distance, which 
proved to be very valuable during the coronavirus 
pandemic.  This granted employees and stakeholders easy 
and safe access to all services and internal systems and 
opened seamless communication channels between all 
relevant parties. 
On this occasion, SAMA Governor, H.E. Dr. Fahad Al-
Mubarak, highlighted the quintessential role that risk 
management and business continuity planning play in 
establishing financial stability, calling for constant 
alertness and vigilance for potential financial risks and 
crises. H.E. followed by stating the following: "SAMA's risk 
management and business continuity frameworks follow 
the best international standards for financial sector 
practices for us to achieve outstanding performance, 
uphold our reputation, and meet our strategic goals 
rooted in the Kingdom's Vision for 2030." 
(SAMA) Issues Rules for Practicing Debt Crowdfunding 
Activities  
SAMA announces the issuance of the rules for practicing 
debt crowdfunding activities, which aim to regulate the 
provisions for licensing this type of companies and to 
regulate their conduct of activities, in accordance with 
the powers granted to the Saudi Central Bank under the 
provisions of the Finance Companies Control Law. 
The issuance of these rules comes as part of SAMA's 
efforts to support the opportunities for growth and 
economic development in the Kingdom to achieve the 
goals of Vision 2030 by supporting and organizing modern 
financing activities including the activity of debt 
crowdfunding, and in line with the role of the central 
bank in promoting financial stability. The central bank 
seeks through these rules to achieve several goals: 
including attracting a new segment of investors and 
companies, owners of small and medium capitals, to work 
under its supervision, in a manner that ensures the 
efficiency of these companies by adhering to the 
requirements 
of 
information 
security, 
corporate 
governance, internal regulation, attribution, risk and 
compliance management and internal auditing, in 
addition to encouraging innovation in products financing 
In a way that contributes to providing modern financing 
products that can meet the needs of the beneficiaries. 
The Saudi Central Bank (SAMA)Issues the Open Banking
Policy 
"SAMA" announced the issuance of the “Open Banking 
Policy”, which articulates the main objectives of 
implementing Open Banking in the Kingdom and its 
positive effects on the financial sector. 
The issuance of this policy builds on the efforts of SAMA 
in diligently pursuing the strategic objectives of the 
Financial Sector Development Program, underscoring its 
commitment to promoting innovation, and trust within 
the sector, re-enforcing competition and