KSA SAMA uses Blockchain to inject liquidity

According to the press release this action comes as a part of SAMA's continues efforts in exploring and experimenting emerging technologies and keeping lead pace with the global trends of central banks in assessing the impacts of such technologies on the financial sector.

SAMA is one of the pioneer central banks to experiment blockchain technology for money transfers, this move was one of the key innovative initiatives launched by SAMA in its program to enable and develop Fintech in the Kingdom.  This include among others: The Fintech Saudi Initiative in cooperation with the Capital Market Authority, the introduction of SAMA Regulatory Sandbox, and an array of digital banking services and payments.

This is not the first time SAMA utilizes blockchain, in 2018 it signed an agreement with Ripple to utilize its platform along with several other Saudi Banks. Then in 2019 SAMA launched the digital currecy ABER project with UAE, utilizing IBM blockchain solutions. To date the ABER project has yet to be launched. 

Finally SAMA has also been a strong proponent of fintech innovation in the KSA with its regulatory sandbox that has included Blockchain startups.