Saudi Ministry of Finance Expands Digital Advance Disbursement Through New Bank Card Partnership

KSA, 9 May, 2025 : The Ministry of Finance has signed a cooperation agreement with Al Rajhi Bank, Arab National Bank, and FinTech firm SiFi to enhance the digital disbursement of financial advances via bank cards. The agreement, signed in the presence of Assistant Minister for Financial Affairs Mr. Haitham Altraif, marks the second phase of a project aimed at reducing cash transactions and improving financial oversight.

The deal supports Saudi Vision 2030 and the Financial Sector Development Program by promoting digital financial transactions and leveraging advanced analytics. Deputy Minister of Finance Mr. Hamad Alkanhal highlighted the initiative's success in improving the efficiency and sustainability of public finances and expressed hope for broader participation from financial institutions.