According to the most recent figures, remittances from foreigners to Saudi Arabia increased by 14% year in April to a total of SR11.35 billion ($3.03 billion).
According to the Saudi Central Bank, or SAMA, payments made by Saudis, who account for 30% of all personal transactions, increased by 30% during this time and totaled SR4.94 billion.
The commencement of new development projects that result in higher employment rates, better economic conditions that result in more disposable income, and the digitalization of transfer platforms are the main causes of this increase.
Regulatory innovations have also updated legal governance and enforcement procedures. Examples of this include the digitization of employment contracts, virtual court proceedings, and online government services.
These programs are a part of larger attempts to establish the Kingdom as a pioneer in business facilitation.
Remittances are cross-border payments made to friends or family and are frequently connected to the money that migrant workers send home to their home towns.
The growth of fintech firms and digital payment providers is causing a revolution in the Saudi remittance market.
STC Pay and a few other companies, which are among the fastest-growing cross-border money transfer companies, have been granted digital banking licenses in the nation for the first time.
Regulatory agencies in Saudi Arabia and the Middle East and North Africa have also been instrumental in supporting the expansion of these services. To guarantee consumer safety, encourage competition, and establish a conducive atmosphere for digital financial services, they have put up policies that are supportive of these efforts.
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