Electronic Link with Mudad Platform

[Logo of the Saudi Central Bank] Saudi Central Bank

Reference No.: 43002220 Date: 1443/01/08 Attachments: None

Circular

To the Esteemed, Peace, mercy, and blessings of God be upon you,

Subject: Electronic Link with Mudad Platform.

We inform you that the Saudi Central Bank has received a telegram from His Excellency the Minister of Human Resources and Social Development, No. (187807), dated 1442/10/18 AH, requesting that banks and financial institutions support the solutions provided by Mudad Business Company, expedite the electronic linkage with the Mudad platform, and provide all necessary banking services to establishments and individuals. The platform offers a payroll management program that enables and facilitates for employers and small and medium-sized enterprises (SMEs) to conduct wage transfer transactions for workers at nominal fees, securely and reliably. This contributes to increasing transparency and protecting the wages of workers in the Kingdom, alongside its role in combating commercial hiding (tabasur) and money laundering processes.

Accordingly, the Saudi Central Bank urges all banks and financial institutions operating in the Kingdom to establish an electronic link with the Mudad platform, enabling them to provide necessary services to micro, small, and medium-sized establishments (MSMEs) and individuals.

For information and action as of its date. Yours sincerely,

Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision

On behalf of / Ziad bin Bandar Al-Yousef Deputy Governor for Development and Technology

---

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

---

P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia | Phone: +966 11 463 2000