Riyadh - Sharikat Mubasher: The Saudi Central Bank (SAMA) signed an agreement with the global tech giant Samsung to offer Samsung Pay, a mobile payment and digital wallet service, in the Kingdom during the fourth quarter of 2024.
The agreement was signed on the sidelines of 24 Fintech conference, one of the most anticipated fintech events in Saudi Arabia.
Samsung Pay will offer an advanced and secure payment experience, enabling users to seamlessly store and manage digital payment cards within the Samsung Wallet application.
This partnership came as part of SAMA’s strategy to expand the use of fintech solutions across the Kingdom, promote financial inclusion, and enhance the Saudi financial sector.
Further, this collaboration reflects SAMA’s continuous efforts to develop a robust digital payments infrastructure through the national payments system Mada, thereby transforming towards a less cash-dependent society by providing advanced digital payment solutions that align with international standards.
It also affirms SAMA's commitment to fulfilling the needs of the Saudi market, in alignment with Vision 2030’s goal of transforming the Kingdom into a leading fintech hub in the region and the world.
24 Fintech takes place in Riyadh from 3 to 5 September, with the participation of more than 300 exhibitors and over 350 investors. It gathers regulatory bodies, policymakers, investors, technology experts, and industry leaders from around the world.
