The Saudi Central Bank (SAMA) unveiled that visitors to Saudi Arabia can now easily open bank accounts through the use of a “Visitor ID,” according to the Saudi Press Agency.
Issued by the Ministry of Interior, “Visitor ID” represents an official identification document and can be verified through authorized digital platforms.
This update serves as a revolutionary shift in access to financial services across Saudi Arabia and further fosters the Kingdom’s digital transformation.
SAMA announced that the update will allow banks to reach new customer segments, promote the overall experience for clients, and align account opening processes with international standards.
The Saudi Central Bank’s revision of banking account regulations is an integral part of ongoing updates seeking to keep pace with regulatory developments and streamline the process of opening and managing accounts.
These updates will further strengthen financial inclusion, boost digital transformation in banking services, as well as elevate the overall customer experience.
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