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Tue 8 Oct 2019 09:43 AM

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Saudi relaxes rules on banking to promote e-commerce companies

Move by Saudi Arabian Monetary Agency designed to speed up process of opening bank accounts in kingdom

Saudi relaxes rules on banking to promote e-commerce companies
The new amendments will remove the need for various licences and will also set one working day to open bank accounts that don’t require approvals, and two working days for ones that do.

The Saudi Arabian Monetary Agency (SAMA) has eased banking services for e-commerce companies in a bid to encourage more businesses to open up in the kingdom.

A statement on the Saudi Press Agency website said banks were looking to “provide services easily and easily, including accelerating the process of opening bank accounts”.

The new amendments, which include a clause within rule 100 of the general instructions on opening bank accounts, will remove the need for various licences and will also set one working day to open bank accounts that don’t require approvals, and two working days for ones that do.

The rule of opening bank accounts for resident companies has also been amended – licences no longer have to be practicing the activity when opening an account, with the condition that the account holder has a commercial registration in their name and the purpose of opening of the e-commerce account is specified.

SAMA undertakes a supervisory role in overseeing banks and banks operating in the kingdom.

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