Governor of the Saudi Arabian Monetary Authority (SAMA) Ahmad al-Kholifey and Saudi Minister of Justice Waleed al-Samani signed Tuesday the digital link agreement “Tanfeeth” to provide a direct link among government authorized systems and banks operating in the Kingdom.
Tanfeeth includes a set of general frameworks and mechanisms for joint action and identification of areas of cooperation and organization.
Speaking at the signing ceremony at the SAMA headquarters in Riyadh, Samani lauded the importance of the program in helping and facilitating judges' work in reviewing cases.
The Minister stressed that SAMA is one of the most important authorities that the Ministry of Justice is keen to establish a direct link with.
The SAMA governor pointed out that the Authority as a regulatory and supervisory body has always maintained confidentiality of banking information, which contributes to the promotion of confidence in the banking sector and boost development and economic growth.
Kholifey clarified that providing banking data to the concerned judicial authorities as per regular procedures will support them in reviewing cases.
The governor explained that digital means have had a direct contribution to the simplification of procedures.
Innovative solutions to keep pace with the growing workload was necessary due to the increased number of cases brought before the judicial agencies, namely the Justice Ministry, according to Kholifey.
Taking advantage of recent technologies available to SAMA and the banking sector shall be fruitful in reducing financial costs and efforts, and scaling down paperwork.
