In the presence of the Saudi Assistant Minister of Finance for Financial Affairs, Mr. Haitham Altraif, the Ministry of Finance signed a cooperation agreement today, Wednesday, October 9, 2024, at its headquarters in Riyadh, with Al Rajhi Bank, Arab National Bank, and Simplified Financial Solutions Company (SiFi). The agreement aims to activate the project for enhancing the method of disbursing advances using bank cards, support digital transformation, and contribute to achieving the objectives of the Financial Sector Development Program related to increasing the rate of digital financial transactions, in alignment with the goals of Saudi Vision 2030.
The Ministry was represented in signing the agreement by the Saudi Deputy Minister of Finance for Financial Affairs and Accounts, Mr. Hamad Alkanhal, SiFi was represented by its CEO, His Excellency Mr. Ahmed AlHakbani; the Arab National Bank by the Head of Retail Banking Group, Mr. Khaled Al-Rashed; and Al Rajhi Bank by the General Manager of the Corporate Sector, Mr. Hossam Al Basrawi.
The signing of the agreement is part of the Ministry's ongoing efforts in strengthening partnerships with the private sector to achieve one of the objectives of Saudi Vision 2030 concerning increasing the rate of digital financial transactions, which contributes to improving financial oversight. Previously, the Ministry launched the first phase of the project to enhance the method of disbursing advances, which contributed to reducing cash transactions, enhancing the efficient use of advances, and strengthening financial control.
Mr. Hamad Alkanhal explained that the expansion of the second phase of the project reflects the success of the initiative in meeting its objectives and showcases the Ministry's efforts to ensure the sustainability and efficiency of public financial resources, and the adoption of modern disbursement methods through bank cards via multiple electronic channels linked to financial data analytics technologies. He emphasized that these efforts contribute to building a clear vision that supports sound financial decision-making, and also expressed hope for the participation of more banks and financial companies.