The Governor of the Saudi Central Bank, Ayman Al-Sayyari, revealed that the central bank supports innovation in the financial sector, with the need to separate the cryptocurrency sectors from the traditional financial system.
In his speech during the meeting of finance ministers and central bank governors of the Group of Twenty, Al-Sayyari stressed the importance of synergizing efforts towards achieving the goals of the Group of Twenty. aimed at promoting economic growth and financial stability.
Al-Sayyari indicated that there is complete agreement that digital financial inclusion and financing of small and medium enterprises remains a vital line towards enhancing financial inclusion.
He also emphasized strengthening the role of multilateral financial institutions in development, in light of the scarcity of resources and the momentum of global economic challenges.
Al-Sayyari praised the role of the G20 presidency in holding workshops on non-price policies in combating climate change, and called for more efforts to adopt policies that enable sustainable financing and investment.
And the bank had recently disclosed that the share of electronic payments in the retail sector – individuals has achieved 62% for the year 2022 of the total of all available payment operations, including cash, in the Kingdom, exceeding the target percentage within the financial sector development program, one of the Kingdom’s Vision 2030 programs, which was set at 60%. % for the year 2022.
The achievement of this percentage coincided with the continuous and accelerated growth witnessed by the payments sector in the Kingdom during the past years, as a result of the significant and remarkable development in the payment infrastructure in the Kingdom, and the accompanying improvement and development of existing payment systems and the launch of new payment systems and modern services, in addition to the progress made The payments sector witnessed all aspects, organizational, technical, and operational, all of which contributed to promoting the shift towards reliance on modern electronic payment methods.
Okaz (Jeddah) @okaz_online
