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samaSaudi Central BankNewsGovernor of SAMA: The "Madad" platform coincides with SAMA's trends in developing the financial sector
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Governor of SAMA: The "Madad" platform coincides with SAMA's trends in developing the financial sector
15/07/2020 10:15 PM
 

 

                His Excellency the Governor of the Saudi Arabian Monetary Authority, Dr. Ahmad bin Abdul Karim Al-Kholifey, appreciated the initiative of the Ministry of Human Resources and Social Development to launch "Madad" platform. The Madad platform provides technical solutions for small and medium-sized companies in all matters related to salary management systems, enabling them to adhere to the "wage protection" system, and make it easier to automate procedures of payroll systems. Which is part of the National Transformation Program plan.

 

                His Excellency explained that the solutions provided by the "Madad" platform (specialized in financial technology management) are in line with SAMA's trends in developing the financial sector related to the Kingdom's 2030 vision. The platform contributes to the enhancement of the principle of innovation in financial services and the transformation towards a society less dependent on cash. In addition, it enhances financial inclusion, indicating that the platform, through its digital systems, provides innovative and qualitative solutions to a large segment of private sector establishments, represented in small and medium enterprises, as these solutions will have a role in raising the percentage of data transparency for them, facilitating their banking services, and contributing to improving their systems Financial.

 

                It is worth noting that the "Madad" platform was established in partnership between the General Organization for Social Insurance and Takamol Holding Company, with the support of the Ministry of Human Resources and Social Development and SAMA.

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