Fintech Saudi signs 2 MoUs to provide digital trust services, develop digital govt solutions

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Fintech Saudi signed two memoranda of understanding (MoUs) with Thiqa Business Services Co. and Signa Co. to provide digital trust services to financial technology (Fintech) companies, Saudi Press Agency reported.  

The MoUs embody the integration between the Digital Government Authority (DGA) and the Saudi Central Bank (SAMA) to develop digital government services and the FinTech sector.

This aims to support innovation and diversity in products and services through digital platforms, as well as raise the contribution of digital government services to the national economy, in line with Vision 2030.

Under the two agreements, Thiqa will provide special packages for FinTech companies, through WTHIQ services that allow beneficiaries to directly verify the data of commercial establishments. Meanwhile, Signa will offer discounted prices for e-signature services to document contracts concluded by FinTech companies with their customers.

Faris Al-Rebdi, General Supervisor of Regulation and Digital Trust at DGA, said the agreements aim to enhance the use of digital trust services in the FinTech sector, which contributes to improving the beneficiary’s experience, ensuring that e-transactions are conducted with high reliability, in addition to promoting digital transformation in this sector.

He pointed out that the authority continues its efforts of improving the digital regulatory environment, as it is currently preparing and developing policies and regulatory frameworks for qualification and licensing.

This aims to provide digital identity and trust services, to enable the use of these services in the public and private sectors, Al-Rebdi said.