Saudi Arabia’s Pioneering Digitization Program
The Kingdom of Saudi Arabia is on an exciting journey of national transformation, in which digitization is a significant driver. One of the executive programs within the overarching Saudi Vision 2030 aims to transform and diversify the financial industry into a diversified and highly effective services sector that will support the growth of the national economy.
E-commerce is recognized as one of the key pillars of the Saudi Vision 2030 program, through which the KSA government is targeting an increased contribution of digital trade to 80% in the retail sector by 2030. In line with this drive towards digital transformation, the Saudi Arabian Monetary Authority (SAMA) applies strict international regulatory standards to ensure safe, innovative financial solutions that meet its criteria and contribute to the quality of life in the Kingdom.
BayanPay designed and launched its advanced payment gateway technology in support of these national goals and to meet rapidly growing e-commerce demands, both in Saudi Arabia and globally.