2021 Q4 Report En · Page 6

 
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Saudi Arabia Achieves Highest Adoption of NFC 
Contactless Payments 
The Saudi Central Bank (SAMA) announced the Kingdom 
of Saudi Arabia witnessed the highest adoption of 
contactless payments through Near-Field Communication 
(NFC) with 94%, the highest in the Middle East and North 
Africa, above the European Union average, and ahead of 
Hong Kong and Canada.  
SAMA clarified the kingdom's successful adoption of 
contactless payments is part of the Saudi Central Bank's 
strategy, which builds on the goals of the Financial Sector 
Development Program (FSDP) one of the Kingdom's Vision 
2030 programs that aims to reduce cash transactions 
while raising electronic payments to 70% of all 
transactions by 2025. To achieve these goals, the Saudi 
Central Bank has fully adopted NFC payments since 2016, 
taking strategic steps to authorize and facilitate e-
payment transactions after ensuring the highest level of 
security in accordance with international standards and 
best practices. 
Saudi Central Bank Organizes Workshop titled “Fintech 
Ecosystem and Envisioning the Digital Economy” Under 
Governor’s Sponsorship 
On Wednesday December 1, 2021, the Saudi Central Bank 
(SAMA) organized a workshop on "Fintech Ecosystem and 
Envisioning the Digital Economy" under the sponsorship of 
the Governor, Dr. Fahad Almubarak. The workshop was 
also attended by Dr. Fahad Alshathri, deputy governor for 
Supervision, Mr. Ziad   Alyousef, deputy governor for 
Development and Technology, as well as several chief 
executive officers and senior staff members from local 
banks. 
At the kick-off of the workshop, the governor delivered a 
statement on the importance of supporting Fintech 
innovations to enable the Kingdom to assume a leading 
position in the financial sector, in line with the goals of 
the Kingdom's Vision 2030. Almubarak also referred to the 
role played by banks to boost growth in the sector and 
develop products and services. Lastly, he concluded his 
statement reiterating that the Saudi Central Bank had 
designed a Regulatory Sandbox to better understand and 
assess the impact of new services and products on the 
existing financial environment, in preparation for its 
official launch and adoption. 
Capital Market Authority Allows Non-Saudis to Invest in
Real Estate Funds within Makkah and Madinah 
The Capital Market Authority (CMA) has allowed the 
capital market institutions to accept the subscriptions of 
non-Saudis in the real estate funds that invest in assets 
within the borders of Makkah and Madinah, according to 
a released statement by the CMA. The CMA stressed that 
the capital market institutions must ensure compliance 
with the Law of Real Estate Ownership and Investment by 
Non-Saudis 
when 
managing 
the 
investments 
of 
investment funds in real estate located within the 
borders of the cities of Makkah and Madinah and upon 
liquidation of those funds. The authority indicated that 
the decision will contribute to relying on the capital 
market as a diversified financing channel, as well as
strengthening the pillars of the Kingdom's Vision 2030, 
which aims to make the Saudi capital market attractive 
to local and foreign investment and be able to play a
pivotal role in developing the economy and diversifying 
its sources of income . 
Moody's Revises Saudi Arabia's Outlook from Negative
to Stable While Affirming Credit Rating at "A1". 
The international Credit rating agency "Moody's" updated 
its credit report for Saudi