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emdha Trust Service Provider and Saudi Fintech Signed an MoU to Reduce Costs on SMEs

Under the auspices of the Digital Government Authority (DGA) and the Central Bank of Saudi Arabia (SAMA), "Fintech Saudi" has signed a memorandum of understanding with emdha Trust Service Provider, in the presence of His Excellency the Governor of the Digital Government Authority, Eng. Ahmed bin Mohammed Al-Suwaiyan.

The agreement embodies the integration between the Digital Government Authority and the Saudi Central Bank to develop digital government services and the financial technology sector, to support innovation and diversity in products and services through digital platforms and raise the contributions of digital government services to the national economy, in line with the objectives of the Kingdom’s Vision 2030.

The two memoranda of understanding were signed by the Director of the Saudi Fintech Initiative, Nejoud Al-Malik, and the EVP of emdha Trust Service Provider, Engineer Eng. Ibrahim Saleh Al Kharboush, in the presence of the deputy minister for Technology Development at the Ministry of Communications and Information Technology Nawaf Al-Hoshan, the Deputy Governor of the Saudi Central Bank for Development and Technology (SAMA), Ziad Al-Yousef, and the Deputy Governor for IT.

and Emerging Technology at Communications and Information Technology Commission (CITC), Raed Al-Fayez, and the Vice Governor of Regulation and Digital Trust (DGA), Eng. Faris Al-Rabadi.

Under the agreement, emdha Trust Service provider will offer discounted prices for Fintech companies to support their documenting process to be easier, more secure, and digitized.

For his part, the Vice Governor of Regulation and Digital Trust (DGA), Eng. Faris Al-Rabadi, explained that this agreement aim to enhance the use of digital trust services in the Fintech sector, which contributes to improving the beneficiary’s experience, ensuring that electronic transactions are conducted with high reliability, and promoting digital transformation in this sector.