On Wednesday, November 28, 2018, Asharqia Chamber, represented by the Communications and Technology Committee, organized an awareness workshop in cooperation with the Saudi Arabian Monetary Agency (SAMA) about the electronic program "Mada" that I used in the banking sector, at the Chamber's headquarter in Dammam.
During the workshop, a member of the Board of Directors of Asharqia Chamber and Chairman of the Communications and Technology Committee Nasser bin Rashid Al-Bajash emphasized that the banking payment systems in the Kingdom is witnessing great development with a high level of safety and effectiveness.
Al-Bijash said that the Saudi Arabian Riyal Interbank Express (SARIE) has formed a revolution in the provision of banking services in the Kingdom, as well as the payment system (MADA), which exceeded the dimensions facilitate the normal business transactions by providing detailed data on vital sectors in the national economy.
Al-Bajash said that SAMA is witnessing unprecedented electronic achievements; "We are witnessing the launch of the electronic delivery platform for business invoices, which facilitated the process of making payments between government agencies, different business sectors and many other developments in the financial sector, which are in line with the vision of the Kingdom of 2030 and the objectives of the financial sector development program that to create an advanced financial sector that contributes effectively to achieving the economic development objectives of the Kingdom.
For his part, the Vice President of Business Services at the General Administration of Payment Systems in Saudi Arabian Monetary Agency, Ziad bin Ahmed Al-Issa, said that Saudi payment systems seek to enrich payment services in general by focusing on innovation and flexibility in application.
Al-Issa said that the national payment systems aim at independence from international payment systems, saving costs through optimal utilization of local system resources, developing payment products and solutions suited to the needs of the local market, improving the technical environment and infrastructure with the best advanced technologies, and controlling the local data of operations and keeping them within the Kingdom.
About Sadad system, Al-Issa said that it is an electronic billing platform that will be part of the Kingdom's billing and payment system to connect suppliers and buyers and aims to enable small and medium enterprises to participate in the digital economy and to improve the business environment through increased transparency, confidence and efficiency, long-term investment in enabling e-commerce, establishing a transparent e-government, in addition to effective spending through cost savings, increased efficiency, and smart participation methods.
At the end of the meeting, Al-Bajash honored the guest of the meeting.
