The Saudi Central Bank (SAMA) announced on Sunday that visitors to Saudi Arabia can now open bank accounts through a “Visitor ID,” according to the Saudi Press Agency.
Issued by the Ministry of Interior, “Visitor ID” serves as an official identification document and can be verified through authorized digital platforms, according to the central bank.
This move represented a revolutionary shift in access to financial services across Saudi Arabia and further boosts the Kingdom’s digital transformation.
SAMA stated that the update will allow banks to reach new customer segments, elevate the overall experience for clients, and align account opening processes with international standards.
The Saudi Central Bank’s revision of banking account regulations is part of ongoing updates aiming at keeping pace with regulatory developments and facilitating the process of opening and managing accounts.
These updates will further advance financial inclusion, foster digital transformation in banking services, as well as enhance the overall customer experience.
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