In Promoting E-Commerce, Business Saudi Relaxes Banking Regulations

Designed to speed up the process of opening up accounts in the kingdom, the Saudi Arabian Monetary Agency has designed up the same.

The Saudi Arabian Monetary Agency (SAMA) has now gone ahead and eased up on the banking services for the E-commerce companies for encouraging better business options in the kingdom.

A statement as issued on by the Saudi Press Agency Website stated that banks were looking forward to “Providing the services easily, swifter and more effectively, that as well includes acceleration in the process of opening up the banking accounts.”

The newer and revised amendments include clauses within the 100 rules of general instructions for opening of bank accounts that need the removal of various licenses as well as setting one working day in opening up bank accounts that don’t require any approvals and in setting up a two working day processing window schedule for the banking accounts that need support.

The rule of opening bank accounts for resident firms has conjointly been amended – licenses now not have to be compelled to be active the activity once opening an account, with the condition that the account holder incorporates a business registration in their name. Therefore the purpose of the gap of the e-commerce account is nominal.

SAMA undertakes a superior role in overseeing banks and banks operative within the kingdom. Henceforth, Saudi Arabia, the largest Arab league’s economy, is pumping up all measures in fastening up the Bank account opening process and thereby promoting the E-commerce business insight.