Saudi insurance firms to use e-payment
Thursday, 11 23 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) on Wednesday announced that financial transactions related to insurance, reinsurance, or insurance services offered by liberal professions’ firms will be subject to electronic payment as of January 2018.
E-payment transactions will include banking transfer through quick system, repayment system, credit cards, or any certified e-payment facility, sources familiar with the matter told Al Jazirah newspaper.
SAMA banned all companies working in the insurance sector from dealing with cash in all financial transactions, sources added.