Under the patronage of the Digital Government Authority (DGA) and the Saudi Central Bank, "Fintech Saudi" signed two memoranda of understanding with THIQAH Business Services Co. and Emdha Co. to provide digital trust services to financial technology companies (FinTech), in the presence of His Excellency the Governor of Saudi Digital Government Authority, Ahmed Mohammad Al-Suwaiyan.

The MoUs embody the integration between the Digital Government Authority (DGA) and the Saudi Central Bank to develop the digital government services and the FinTech sector, aimed at supporting innovation and diversity in products and services through digital platforms, as well as raising the contribution of digital government services to the national economy, in line with the objectives of the Kingdom’s Vision 2030.

The MoUs were signed by the Director-General of the Saudi Fintech Initiative, Nujoud Al-Mulaik, the CEO of Strategic Partnerships at THIQAH, Bader Al-Omari, and the CEO of the Emdha Co., Ibrahim Al-Kharbush, in the presence of the Deputy Minister for Technology at the Ministry of Communications and Information Technology, Nawaf Al-Hoshan, the Deputy Governor of the Saudi Central Bank for Development and Technology, Ziad Al-Yousef, the Deputy Governor for IT and Emerging Technology at Communications and Information Technology Commission (CITC), Raed Al-Fayez, and the General Supervisor of Regulation and Digital Trust at DGA, Faris Al-Rebdi.

Under the two agreements, THIQAH will provide special packages for FinTech companies, through “Wathq” services that allow beneficiaries to directly verify the data of commercial establishments, and Emdha will offer discounted prices for e-signature services to document contracts concluded by FinTech companies with their customers.

Faris Al-Rebdi, the General Supervisor of Regulation and Digital Trust at the DGA, said the agreements aim to enhance the use of digital trust services in the FinTech sector, which contributes to improving the beneficiary’s experience, ensuring that e-transactions are conducted with high reliability, in addition to promoting digital transformation in this sector.

He pointed out that the authority, in continuation of its efforts to improve the digital regulatory environment, is currently preparing and developing policies and regulatory frameworks for qualification and licensing to provide digital identity and trust services, and enable the use of these services in the public and private sectors.

The Deputy Governor of the Saudi Central Bank for Development and Technology, Ziad Al-Yousef, stated that this agreement is an extension of the central bank's role in developing the financial sector, facilitating business practice for the financial sectors, enhancing cooperation and coordination, supporting financial technology, and working to keep pace with many global developments, to achieve the aspirations of the Kingdom's Vision 2030.

The Deputy Minister for Technology at the Ministry of Communications and Information Technology, Nawaf Al-Hoshan, stressed that the MoUs enhance strategic partnerships between government agencies and the private sector, supporting thereby growth and development opportunities for the digital system and digital government, and the integration between the information technology sector and the financial sector.