The Saudi Central Bank (SAMA) and the Central Bank of Turkey signed a memorandum of understanding (MoU) to establish a general framework for cooperation between the two institutions in the field of central banking activities.
The signing ceremony took place during a meeting between the Governor of the Saudi Central Bank, Mr. Ayman bin Muhammad Al-Sayyari, with the Governor of the Turkish Central Bank, Dr. Fatih Karhan, yesterday, Tuesday, on the sidelines of the “24 FinTech” financial technology conference in Riyadh.
Under the memorandum of understanding, the two parties aim to deepen relations, enhance cooperation, and collaborate on central bank activities, particularly in promoting financial stability and financial technologies.
Yesterday, SAMA announced the release of the second version of the open banking framework. Moreover, it focuses on the payment creation service, as part of the Central Bank’s efforts to strengthen the financial technology system in the Kingdom.
The measure aims to improve the customer experience, increasing the efficiency of transactions, in addition to providing new opportunities in the sector and expanding products and solutions to customers.
The open banking framework consists of a set of technical guidelines and standards aligned with international best practices. Furthermore, this framework allows banks and financial technology companies to offer open banking services within the Kingdom.
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