Gulf Countries Advance in Payment Systems

The Governor of the Saudi Central Bank (SAMA), Ayman Al-Sayani, affirmed that the Gulf Cooperation Council countries have made significant progress in developing payment infrastructure and expanding digital payments, while also enhancing interoperability and building a more efficient and resilient financial ecosystem. He pointed out that the Real-Time Gross Settlement System (Afaq) represents an important advancement in strengthening payment infrastructure across the Gulf, with opportunities for further cooperation with China in developing regional payment systems. Additionally, he highlighted that the growth of cross-border trade and investments between the Gulf and China necessitates the evolution of payment arrangements to align with this growth, thereby supporting the economic relations between the two parties.

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