Under the patronage of His Excellency the Minister of Finance, HE Mohammed Abdullah Al Jadaan, and HE Eng. Abdullah Al Sawahah, Minister of Communications and Information Technology, HE Dr. Ahmad bin Abdul Kareem Al-kholifey, Governor of the Saudi Arabian Monetary Authority, Mr. Yarob Al Thunayan, Undersecretary of the Ministry of Communications and Information, and a number of employees from the ministry of Finance and SAMA. Ministry of Finance and SAMA signed an agreement to activate electronic transactions between them on Monday the 24 of Shawwal, 1439H corresponding to July 9, 2018 in Jeddah.
The agreement was signed by HE Mr. Ahmad Al-Suwayan, Undersecretary of the ministry of Technology and Development, and Mr. Hashim Al-Haqail, Deputy Governor for Banking Operations. The agreement aims to develop the methods of payment implementation, collection of government revenues and the various banking services provided by SAMA to the Ministry in accordance with the national plans for digital transformation.
"This agreement comes within the framework of the ministry of Finance's efforts to automate its services and improve the operational efficiency and user experience through electronic services." Said Ahmad Al-Suwayan, Undersecretary of the ministry of Finance for Technology and Development. "The agreement is based on authorizing SAMA to approve electronic financial operations and digital certification as an alternative to the previously issued paper orders and notices through automated linking and technical integration with Ministry of Finance that depends on international standards and criterion to provide new banking services comply with protection requirements and information security.
"This agreement will promote the efficiency of a number of services including the financial remittances, Cheque issues, collection of revenues, government financial operations in order to enable direct deposit into their employees' accounts." Al-Suwayan added: "this agreement will enhance the operational efficiency of the financial transactions of the government's agencies, private sectors and individuals and finding new payments channels that provide a database of indicators that can be used to measure indicators Performance and utilization of business intelligence techniques for financial operations."
For his part, Mr. Hashim Al-Haqil, Deputy Governor of SAMA for Banking Operations, stressed that the automated link with the Ministry of Finance means that all payment services between the government and the financial sectors can be carried out automatically, so technical teams from both sides have upgraded their relationship to a reliable technical level. Adding that SAMA will work to provide the same services to all government agencies that have independent accounts at SAMA. It works on establishing automatic link with all government agencies which increases the speed, efficiency and accuracy of the implementation of financial operations.