The Saudi Central Bank (SAMA) announced its approval of the use of a “Visitor ID” for opening bank accounts in the Kingdom of Saudi Arabia, subject to banks’ established account opening rules.
According to a press release issued by the SAMA, the “Visitor ID,” issued by the Ministry of Interior, serves as an official identification document for visitors to the Kingdom and can be verified through authorized digital platforms.
This decision enables banks to open accounts for new consumer segments and enhances the visitor experience during their stay in the Kingdom.
The release added that SAMA clarified that this update forms part of its periodic regulatory review to keep pace with industry developments. The changes aim to facilitate procedures for opening and operating bank accounts, thereby promoting financial inclusion and supporting digital transformation initiatives in banking services today.
Read more: SAMA’s FinTech strategy targets $3.46 billion contribution to Kingdom’s GDP by 2030
Promoting financial system integrity
The Saudi Central Bank, known by its acronym SAMA (Saudi Arabian Monetary Authority), is the Kingdom of Saudi Arabia’s primary financial regulator and central bank. Established in 1952, SAMA plays a critical role in maintaining the country’s monetary stability, supervising banks and financial institutions, and supporting the overall economic development of Saudi Arabia. Despite a rebranding to “Saudi Central Bank” in 2020, the institution has retained the widely recognized acronym SAMA, reflecting its deep-rooted brand in the financial sector.
SAMA’s core functions include issuing and regulating the Saudi Riyal, which is the national currency, ensuring price and exchange rate stability, and managing the Kingdom’s foreign exchange reserves. It acts as the banker to the government and advises on monetary, banking, and financial affairs.
SAMA also licenses and supervises all banks, insurance firms, finance companies, and credit institutions operating in Saudi Arabia, thereby ensuring the soundness and integrity of the financial system. This supervision enforces compliance with Saudi banking laws as well as anti-money laundering and counter-terrorism financing regulations, enhancing the safety and trust in the country’s financial environment.
A vital element of SAMA’s mandate is promoting digital transformation within the financial sector. The bank is an active advocate of fintech development, supporting digital payments innovations such as STC Pay, Apple Pay, and Mada Pay. These initiatives align with Saudi Arabia’s Vision 2030, which seeks to modernize the economy and increase the share of electronic transactions to enhance convenience, transparency, and financial inclusion for individuals and businesses.
