RIYADH — The Saudi Central Bank (SAMA) has announced an agreement with Samsung to launch Samsung Pay in Saudi Arabia during the fourth quarter of 2024.

The agreement was signed at the inaugural 24 Fintech conference held in Riyadh.

This strategic step is part of SAMA’s ongoing efforts to enhance the digital payments ecosystem in Saudi Arabia, aligning with the objectives of the Financial Sector Development Program (FSDP), a key initiative under Saudi Vision 2030.

Samsung Pay aims to provide an advanced and secure payment experience, allowing users to easily store and manage their digital payment cards within the “Samsung Wallet” application. This agreement is part of SAMA’s broader strategy to expand the use of FinTech solutions across the Kingdom and promote financial inclusion.

The initiative underscores SAMA’s commitment to developing a robust digital payments infrastructure through the national payments system “mada,” promoting a shift towards a less cash-dependent society. By providing advanced digital payment solutions that meet international standards, the launch of Samsung Pay will contribute to Saudi Arabia’s goal of becoming a global leader in FinTech.

This latest move forms part of a series of technological innovations aimed at meeting market needs and advancing Saudi Arabia’s position as a pioneer in the digital finance sector. — SG