Regulatory Alerts2023-09-21
Use the Local Tech Product Guide when Ordering Those Products
The Saudi Central Bank (SAMA) instructs financial institutions to utilize the newly launched Local Tech Products Guide when procuring technical services, in accordance with Article 2 of the Communications and Information Technology System. The guide catalogs technical products developed by leading local companies to serve banking, insurance, and financing sectors. Institutions must ensure full compliance with existing SAMA directives, particularly those governing third-party outsourcing arrangements.
1 Abdulaziz T. Alotaibi From: Payment Policy Sent: Thursday, September 21, 2023 1:41 PM Cc: Husam A. Al Mahmoud; Dr. Yazeed A. Alissa; Payment Policy (PaymentPolicy@SAMA.GOV.SA)
Circular – Use the Local Tech Product Guide when Ordering Those Products: Subject
To the Respected, Peace, mercy and blessings of God be upon you,
We are pleased to inform you that the Central Bank has received a letter from the Governor of the Communications, Space and Technology Commission No. 374/1445 AH dated 05/02/1445 AH, referring to Article (Two) of the Communications and Information Technology System, and the launch of the Local Tech Products Guide on its official website. The guide lists a number of technical products developed by leading local companies, serving various business sectors including banking, insurance, and financing.
For your information and action. With confirmation of compliance with related instructions issued by the Central Bank, particularly those concerning third-party outsourcing.
Yours sincerely, SAMA.GOV.SA