Fsdp Quarterly Newsletter Q3 2024 Vf · Page 5

 
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Financial Sector Development Highlights 
SAMA Launches Government Banking Services Platform 
"NQD" 
The Saudi Central Bank (SAMA) launched "NQD," a 
government banking services platform that provides easy 
access for government entities to their accounts at SAMA 
to conduct financial transactions through a secure digital 
platform. 
This initiative is part of SAMA's strategy to deliver banking 
services to government entities, as well as supporting 
digital development. The platform aims to digitize 
financial transactions of government entities on their 
accounts at SAMA by offering a unified and secure digital 
platform. This platform facilitates access to their account 
information at all times, enables management of their 
accounts efficiently, and provides instant monitoring of 
transactions to and from government entities 
SAMA Confirms Safety of Payment Systems and Banking 
Systems in Saudi Arabia 
The Saudi Central Bank (SAMA) confirmed the safety and 
integrity of its systems, national payment systems, and 
banking systems in the Kingdom of Saudi Arabia. The 
systems were not affected by the global technical outage 
experienced by many entities on 19 July 2024. 
SAMA 
is 
committed 
to 
maintaining 
the 
highest 
internationally recognized standards of operational and 
cybersecurity practices for its own systems, national 
payment systems, and all other systems connected to 
financial institutions. 
SAMA Announced Issuance of Second Release of Open 
Banking Framework 
Saudi Central Bank (SAMA) announced the issuance of the 
second release under the Open Banking Framework, 
focused on the Payment Initiation Service (PIS). The new 
release has been issued as part of SAMA's efforts to 
further strengthen the Saudi Arabian Fintech ecosystem. 
It is anticipated that the change will enhance overall 
consumer experience and transaction efficiency as well 
as opening new opportunities for the Kingdom's fintech 
sector to offer expanded products and solutions to 
customers. 
SAMA's Open Banking Framework consists of a set of 
guidelines and technical standards based on international 
best practices to facilitate the provision of open banking 
services in the Kingdom.  
This second release of the framework standardizes how 
participants can offer PIS reliably and securely. The 
framework also clarifies the responsibilities of all 
stakeholders involved in the provision of PIS. 
The Total Number of Companies Permitted by the Saudi 
Central Bank (SAMA) Reached 3 FinTech Companies in 
the third Quarter of 2024 
XSquare and NeotTek have been permitted In the Open 
Banking fintech sector, and MoneyMoon for fintech 
companies in peer-to-peer finance.  
To Expand the use of FinTech solutions, SAMA 
announced the enablement of “Samsung Pay” Service 
in KSA during Q4, 2024 
The Saudi Central Bank (SAMA) announced the signing of
an agreement with Samsung to enable the launch of 
Samsung Pay in Saudi Arabia during Q4 2024. The
agreement was signed at the inaugural 24 Fintech 
conference in Riyadh. 
The step is part of SAMA's ongoing efforts to enhance the 
digital payments ecosystem in Saudi Arabia, aligning with 
the objectives of the Financial Sector Development 
Program (FSDP).  
The service is designed to deliver an advanced and secure 
payment experience, allowing users to effortlessly store 
and manage digital payment cards within the “Samsung
Wallet” application. This initiative aligns with SAMA's
strategy to enhance the adoption of