2021 Q1 Report En · Page 6

 
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With the Participation of 400 Individuals, the Central 
Bank Holds a Virtual Seminar on IFRS No. 17 "Insurance 
Contracts"  
SAMA recently held a Webinar under the title "Transition 
to International Financial Reporting Standard No. 17 (IFRS 
17) -Insurance Contracts-", a new accounting standard 
that is aimed at providing more accurate, transparent and 
quality information to users of the financial statements 
of insurance companies compared to the current 
standard, i.e., IFRS 4. 
Five panel discussions, moderated by employees of the 
General Department of Insurance Control at "SAMA", saw 
more than 400 individuals from 20+ countries attending 
the Webinar, including finance teams of Saudi insurance 
companies, insurance consultants, external auditors, 
actuaries, software vendors, regional regulators, and 
others with interest in the topic from the region and 
beyond.  
This Webinar is a continuation of the Central Bank's 
efforts in preserving the integrity of the implementation 
of the transition plan for this standard and ensuring its 
smooth adoption. It may be noted that IFRS 17 was issued 
in May 2017, and it will be applicable from 1st January 
2023, replacing IFRS 4 issued in 2004. The revised 
standard was developed over several years. One of the 
most 
important 
features 
of 
this 
standard 
is 
standardization of the accounting model for insurance 
companies around the world and the ability to compare 
and analyze financial statements consistently, in addition 
to providing more accurate, transparent and quality 
information than the existing financial statements. 
The Saudi Central Bank Announces the Licensing of 
Two Financial Technology Companies in the Field of 
Payments 
SAMA announced the licensing of two payments 
companies, namely: International Digital Solutions 
Company to provide electronic wallet service (electronic 
transfer and payment service), and Azm Fintech Company 
to provide payment services through (SADAD Bill 
Aggregation Services). This brings the total number of 
payments companies licensed by SAMA to 13 companies, 
in addition to two payments companies obtaining initial 
approval. 
This step comes from the central bank's supportive role 
to empower the financial technology sector by allowing 
the entry of new activities to strengthen and support the 
sector, and to attract a new segment of investors and 
companies to work under its supervision, and in a manner 
that ensures the efficiency of the work of these 
companies, by adhering to the regulatory and supervisory 
requirements related to corporate governance, risk and 
compliance management, and customer protection, in 
line with the role of the Central Bank in enhancing 
financial stability, and supporting opportunities for 
growth and economic development in the country 
towards achieving the goals of the Kingdom's Vision 2030. 
Saudi Central Bank Announces the Extension of the
Deferred Payment and Guaranteed Financing Programs
SAMA announced the extension of the Deferred Payment 
Program - one of SAMA's Private Sector Financing Support 
Program- for three additional months to end on June 30, 
2021; to continue enabling the financial sector to support 
the micro, small and medium-sized enterprises "MSME" 
sector, which in turn contributes to economic growth and 
private sector employment. 
The central bank also announces the extension of the 
Guaranteed Financing Program for one year to end on 
March 14, 2022, as another support lever