Saudi Arabia: SAMA Allows Digital Authentication of Bank Products
Saudi Arabia’s Monetary Agency has notified banks they have no objection to them using the digital tools to authenticate banking products related to funding for individuals and issuing credit cards if the bank wants to do so. It was stated that banks should evaluate the risks associated with using the service and verify the identity of the applicant. SAMA has stressed that banks who wish to use this service should adhere to a number of requirements including that the providers of the service should be recognized by the national centre for digital authentication.