News related to
Bank

OpenAI chief executive Sam Altman is leading a high-stakes campaign across East Asia and the Middle East to secure investment and bolster chip supply for the company’s AI infrastructure push. He has held talks since late September in Taiwan, South Korea and Japan with leading hardware suppliers to prioritise OpenAI’s orders and expand capacity.

Altman has met with Taiwan Semiconductor Manufacturing Company and Foxconn, as well as Samsung and SK Hynix, pressing them to accelerate production and give OpenAI preferential access. In South Korea, Samsung and SK Hynix have signed letters of intent to supply memory chips for OpenAI’s data centres. Meanwhile, OpenAI plans further fundraising discussions in the United Arab Emirates.

The urgency of Altman’s mission reflects the intensifying global competition for advanced computing resources. OpenAI projects it will spend around US$16 billion this year on renting computing servers, with long-term forecasts stretching to US$400 billion by 2029 as AI models grow ever more complex.

Industry analysts note that the semiconductor supply chain remains highly constrained. TSMC dominates GPU chip production, and memory manufacturing is largely concentrated in East Asia, creating significant strategic leverage for the manufacturers approached by Altman.

As part of his tour, Altman is also pressing Japanese firms to contribute to infrastructure support. Hitachi has entered discussions to provide power transmission and distribution systems for OpenAI’s data centres, while sharing technical resources under joint development agreements.

Sources familiar with the process say Altman pushed for direct prioritisation in chip delivery schedules, asking that OpenAI receive top-tier production slots. In some cases, he proposed co-investment or co-development of next-generation AI hardware to bind partner incentives more closely.

In South Korea, early architecture proposals include planned data centres of 20 megawatts in collaboration with Samsung and SK Hynix. Altman is reportedly exploring “floating” data centre designs to manage land constraints and cooling demands.

The UAE leg of his mission is expected to involve negotiations with sovereign investment firms such as MGX and Mubadala, with the aim of funding both OpenAI’s expansion and joint infrastructure ventures in the region. In past rounds, UAE investors have already taken part in funding OpenAI operations.

Challenges remain significant. The sheer scale of chips and memory required for stacked AI model training is pushing the boundaries of global wafer fabrication capacity. Market watchers point to the high capital expenditure and long lead times in the semiconductor industry as obstacles to rapid scaling. Some of Altman’s proposals—for example, co-development of bespoke ASICs—are still in preliminary stages and face technical risk.

OpenAI’s valuation and investor backing give the company leverage. Earlier this year, it closed deals that valued it at about US$500 billion, with new capital injections from investors including SoftBank and UAE entities. Those moves have fortified its position in negotiating upstream deals with manufacturers.

Brazil has become Latin America’s dominant crypto market after logging $318.8 billion in cryptocurrency transaction volume between July 2024 and June 2025, accounting for about one-third of the region’s total crypto activity. That figure represents a year-on-year surge of 109.9 per cent, according to the 2025 Geography of Cryptocurrency report by Chainalysis.

No other country in Latin America comes close to Brazil’s scale: Argentina recorded $93.9 billion, Mexico $71.2 billion, Venezuela $44.6 billion, and Colombia $44.2 billion. The region as a whole pushed close to $1.5 trillion in crypto flows over the three-year span from mid-2022 to mid-2025, underscoring the growing importance of digital assets in Latin America’s financial ecosystem.

Stablecoins now dominate Brazil’s market, making up over 90 per cent of all transactions. This shift suggests that crypto is being used increasingly as a means of payment, remittance and hedge against currency volatility, rather than purely for speculative trading. Institutional and retail transfers both contributed to the growth, with institutional transfers alone more than doubling within the year.

Brazil’s regulatory framework has evolved in tandem. The 2022–2023 Brazilian Virtual Assets Law established compliance obligations for virtual asset service providers and made the central bank the authority for anti-money-laundering oversight in the crypto sector. Authorities are now finalising consultations that could yield further rules by end-2025.

Mainstream financial institutions are leveraging this clarity. Banks such as Itaú and digital platforms like Nubank and Mercado Pago are bridging traditional finance with crypto offerings. Global stakeholders have taken notice: in May 2024, Circle launched USDC services in Brazil to facilitate lower-cost and instant transfers.

Brazil’s ranking in the global crypto adoption picture has also strengthened. In Chainalysis’s 2025 Global Crypto Adoption Index, Brazil advanced to fifth globally, climbing from 10th in 2024. The methodology change that year introduced a new institutional activity sub-index and removed the retail DeFi sub-index, giving greater weight to large transfers while maintaining focus on broad adoption.

Brazil’s digital payments infrastructure—anchored by the Pix instant payments system—has eased the on-ramp to crypto. More than half of financial transactions in Brazil are now conducted over Pix, enabling users to move funds into crypto platforms seamlessly. Surveys suggest that between 18 and 19 per cent of Brazilians hold cryptocurrency, a rate second only behind Argentina in the region.

Still, challenges remain. Brazil’s macroeconomic environment is volatile: inflation pressures, depreciation of the real, and tax burdens could suppress retail demand. The central bank’s Drex project—a blockchain-based settlement platform—is under trial and could support on-chain finance, but integration with existing systems is complex. Some analysts warn that regulatory overreach or tax crackdowns may stifle innovation.

Baku, Azerbaijan — Cüzdan LLC has launched a nationwide payment orchestration platform built on the technology of PayTabs Group, aiming to streamline payments for merchants and consumers across Azerbaijan. The new infrastructure enables live pay-in and pay-out transactions and seeks to boost digital inclusion by offering enhanced speed, security and flexibility in payment processing.

The platform is designed to allow merchants to onboard quickly, route payments intelligently across multiple payment service providers, and offer consumers a broader choice of payment methods. Cüzdan says the system is live and integrated with the country’s major acquiring banks. The partnership combines Cüzdan’s local network in sectors such as retail, manufacturing and consumer finance with PayTabs’ proprietary orchestration backbone.

Mustafa Baltacı, Chief Executive Officer of Cüzdan, described the launch as a pivotal moment in Azerbaijan’s shift toward a digital economy. He said the platform “serves the full spectrum of our economy — from neighbourhood shopkeepers to growing SMEs to major enterprises — with modern, secure payment solutions that drive growth and financial inclusion.” PayTabs’ growth-and-development officer, Hany Soliman, added that the firm is “proud to power Cüzdan’s payments journey” by supplying the technological architecture underpinning the rollout.

This launch marks PayTabs’ entry into Azerbaijan, extending its operational footprint beyond the GCC, Levant, North Africa and Central Asia regions into the Caucasus. Abdulaziz Al Jouf, CEO and founder of PayTabs, affirmed that this “hallmark partnership” reinforces the group’s goal to support digital transaction infrastructure across wider geographies.

Industry observers see this move as timely. Azerbaijan’s economy is pushing to modernise its payments infrastructure, support small and medium enterprises in digital adoption, and reduce friction in cross-border and domestic e-commerce flows. The flexibility offered by orchestration platforms — which manage routing, fallback, reconciliation, fraud checks and settlement across multiple payment providers — is now viewed as essential in markets with fragmented banking and payments systems.

Yet challenges remain. Success will depend on how quickly local merchants adopt the platform, the reliability of the supporting payments infrastructure, and the alignment of regulatory oversight. Ensuring interoperability with regional and international payment rails will also be vital if Cüzdan aims to facilitate cross-border commerce.

World Liberty Financial, the crypto venture tied to Donald Trump’s family, has announced it will issue a debit card enabling users to spend digital assets as conventional currency, with a pilot slated next quarter and full deployment targeted by late 2025 or early 2026.

At Singapore’s TOKEN2049 conference, CEO Zach Witkoff stated that the underlying aim is to “bridge crypto assets with everyday spending,” forecasting that the card could go live in the fourth quarter or first quarter of 2026. Co-founder Donald Trump Jr. joined the presentation, underscoring the project’s ambition to integrate cryptocurrency more deeply into consumer payments.

Beyond payments, World Liberty is advancing a plan to tokenise real-world commodities, aiming to use blockchain infrastructure to trade assets like oil, gas, timber and cotton. Witkoff described these as “really interesting” domains for on-chain trading, pointing to what the company sees as excess transactional inefficiency in traditional markets. The firm also launched its governance token, WLFI, earlier this month, and has introduced USD1, a dollar-pegged stablecoin backed by U. S. Treasuries and other cash equivalents to cut dependency on conventional banking rails.

World Liberty has secured a high-profile institutional backer: the UAE-based Aqua 1 Foundation invested USD 100 million in WLFI tokens, becoming the venture’s largest public investor. The strategic pact aims to fuel World Liberty’s expansion in South America, Europe and Asia, and to jointly incubate blockchain initiatives.

The governance token WLFI currently is non-transferable, granting holders voting rights rather than direct tradeability; World Liberty has said it is “working behind the scenes” to make WLFI transferable in the future. A large portion of WLFI’s supply remains held by the Trump family and affiliated entities.

The stablecoin USD1 gained traction after a major crypto exchange deal: World Liberty was among the early adopters when the funds backed by an Abu Dhabi entity were routed through USD1 to a major crypto platform, helping to elevate USD1’s market position in the stablecoin ecosystem.

Regulatory and ethical concerns already shadow the venture. Critics argue the project blurs lines between private enterprise and public office, noting that much of the Trump family’s wealth could become entangled with policy outcomes. Donald Trump Jr. has dismissed conflict-of-interest allegations as “complete nonsense,” but scrutiny over the convergence of politics and crypto is intensifying.

WLFI has exhibited wide volatility since launch, riding speculative momentum across global exchanges. Meanwhile, competing crypto card offerings already exist, with established fintechs and digital-asset platforms offering crypto-linked cards in partnership with Visa and Mastercard. Witkoff contends World Liberty’s version will differentiate through tighter integration with its stablecoin and tokenisation strategy.

Stock market information for Bitcoin
Bitcoin is a crypto in the CRYPTO market.
The price is 122782.0 USD currently with a change of 1997.00 USD from the previous close.
The intraday high is 123928.0 USD and the intraday low is 119360.0 USD.

Bitcoin cleared the $120,000 mark on Friday, marking its strongest move in months as inflows into U. S. spot Bitcoin exchange-traded funds and fears of U. S. political gridlock spurred investor appetite.

The sharp rally saw Bitcoin rise toward levels not seen since August, with price action driven by mounting demand from institutional channels and growing speculative interest in its safe-haven appeal. Observers link the surge to accelerating purchases via ETFs, as well as elevated yields on derivative positions betting on further strength.

Citigroup this week trimmed its year-end Bitcoin forecast to $133,000, citing headwinds from a strengthening U. S. dollar and weak gold prices, while lifting expectations for Ethereum to $4,500 on the back of increasing inflows. The contrasting moves reflect a recalibration of expectations amid shifting capital flows in crypto markets.

Analysts tracking ETF inflows suggest that institutional adoption remains the catalyst for upward momentum. Bitwise reiterated a $200,000 target for Bitcoin in 2025, emphasising sustained demand from endowments, corporates, and sovereign treasuries. Meanwhile, Coindesk’s mid-year forecast placed a $150,000–$160,000 range as a probable zone should monetary policy ease.

Technical indicators show the path is not without resistance. Price models project a critical threshold at $117,000–$120,500: surpassing it decisively would confirm a bullish breakout, while failure to hold could trigger pullbacks toward $110,000 or lower support zones. Analysts caution that leveraged long positions may be vulnerable to liquidation should sentiment cool.

On-chain data shows accumulation by so-called “whales” has intensified over recent weeks, reinforcing the theory that major players are driving the advance. Machine-learning forecasting studies underscore that low, high, and opening price series remain the most informative variables for trend prediction, though the authors note models still struggle with sudden macro shocks.

MicroStrategy, a prominent corporate Bitcoin holder, has slowed its acquisitions. Its latest SEC filing disclosed a modest $22 million purchase, significantly down from earlier, more aggressive buys. That shift reflects a degree of caution in managing dilution risk and capital allocation.

Around the political landscape, speculation over a potential U. S. government shutdown elevated demand for non-traditional assets, while weak private sector job data has stoked hopes of a future rate cut by the U. S. central bank. Market participants are watching whether rate expectations shift further in favour of growth-assets like Bitcoin.

Samsung is deepening its collaboration with Coinbase to integrate cryptocurrency services directly into its Wallet app. Users with Galaxy devices in the U. S. will now be able to make crypto purchases using Samsung Pay, and enjoy enhanced access to Coinbase’s premium offerings.

Wallet users will gain special access to a three-month subscription to Coinbase One, and early users may receive a $25 credit after placing their first trade. The alliance bridges Samsung’s digital wallet ecosystem with Coinbase’s crypto infrastructure to simplify onboarding for mainstream consumers.

The rollout begins with U. S. Galaxy customers, where Samsung says more than 75 million device owners could benefit. Samsung executives have signalled plans to extend the integration to other markets globally.

This isn’t the first foray for the two companies. The integration was first announced in July, enabling Samsung Pay within the Coinbase app, allowing users to fund crypto purchases without leaving the app or switching payment methods.

Under the new details, Samsung Wallet becomes a conduit not just for payments and identity, but also crypto trading, staking, and portfolio oversight. The partnership emphasises security, leveraging Samsung’s Knox platform and tokenisation to protect user assets and data.

Shan Aggarwal, Coinbase’s Chief Business Officer, said the tie-up aligns with the firm’s mission to bring “more than a billion people on chain” by meeting them on devices they already use. Drew Blackard, Senior Vice President at Samsung, noted that Galaxy users already rely on their phones for payments, identity verification and digital storage—and crypto access is a natural extension.

The push is part of Coinbase’s broader strategy of embedding crypto capabilities across consumer channels. In August, the company disclosed $1.5 billion in Q2 revenue and underscored its ambition to become what it calls “the everything exchange” — a unified gateway to trading, payments, and on-chain finance.

In parallel, Coinbase has struck partnerships with financial institutions. Notably, it is collaborating with JPMorgan Chase to let customers link their bank accounts to Coinbase wallets, enabling crypto trading and the conversion of credit card points into digital assets.

Industry observers view the Samsung integration as one of the most ambitious consumer-level crypto distribution moves to date. By embedding exchange functionality directly into a widely used mobile wallet, Coinbase and Samsung seek to lower structural barriers that often frustrate new crypto users.

That said, challenges remain. The U. S. regulatory environment around crypto remains volatile, with the SEC and other agencies scrutinising exchanges, token listings, and taxation. Skeptics warn that bundling crypto into everyday apps could expose users to market risk without full awareness.

Meanwhile, the phased rollout in the U. S. and Canada will test adoption rates, user behaviour, cross-border compliance, and competition from rival wallets like Apple Pay or Google Wallet, some of which may pursue their own crypto plans.

By Sushil Kutty There’s this theory going around that the Congress, wherever it has fought elections in recent years, from Haryana to Maharashtra, and now Bihar in the offing, it fought with its INDIA bloc allies more than with the BJP, the party to beat if the INDIA Bloc has to oust Prime Minister Narendra […]

The article Congress Should Go The Whole Hog With Its Ally RJD In Coming Bihar Polls appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Markets across the crypto derivatives space are on edge as Bitcoin and Ethereum options worth approximately $4.33 billion enter settlement today, setting the stage for heightened volatility in the near term.

On the Deribit platform, Bitcoin dominates the expiries, with about $3.5 billion notional value scheduled for settlement in roughly 30,200 contracts. Its put-to-call ratio stands at 1.23, suggesting more downside protection bets than bullish wagers. The so-called “max pain” level — the strike price at which the greatest number of contracts expire worthless — is pegged at $114,000, close to current trading levels and potentially acting as a magnet for price movement.

Ethereum’s portion comprises about $806.75 million, across 177,398 contracts, with a put-to-call ratio near 0.99, indicating a more balanced bias among traders. Its max pain is estimated at $4,500, just beneath recent market trading ranges.

Derivatives analysts caution that expiries of this size tend to exert short-term pressure on price behaviour, particularly as market makers and institutional actors roll, hedge or unwind positions ahead of settlement. In many past cycles, price action has gravitated toward max pain levels in the hours leading up to expiry.

Volatility expectations are reinforced by elevated implied volatility in both Bitcoin and Ethereum options markets. Some trading desks point to a compression of liquidity around strike clusters and warn that even modest directional flows may trigger outsized price swings.

Some market strategists argue that Bitcoin’s bearish tilt reflects growing hedging demand after price consolidation above major resistance zones. Meanwhile, Ethereum’s near-neutral PCR hints at structural hedging and profit-taking rather than outright directional bets.

Macro factors could amplify sensitivity. With markets digesting central bank policy signals, inflation indicators and equity market drift, crypto derivatives flows may act as a conduit for correlation shocks. That makes expiry day risk not purely technical but potentially reactive to broader sentiment shifts.

Earlier this month, a near-identical expiry event saw $4.3 billion in options settle, with BTC positioning yielding shortterm downside pressure and ETH holding more firmly near its pricing bands. That expiry foreshadowed a larger $18 billion BTC options expiry scheduled for 26 September, intensifying speculation on whether today’s event will prime momentum.

Market watchers are watching order-book depth near the $114,000 and $4,500 levels, as sharp absorption or rejection there may offer clues to directional bias post-expiry. In the absence of sustained trend breaks, much of the post-settlement period could hinge on whether institutions successfully reestablish exposure rather than exit.

Traders are also navigating strategy choices: rolling forward, closing positions, or rebalancing via delta hedges. The interplay of those flows may create forks in volatility—in which the first few hours post-expiry see directionless chop before a stronger move emerges.

China’s largest state banks have committed over $3.75 billion in debt financing to Saudi Aramco’s Jafurah gas project, while Chinese investment funds have declined to take equity stakes in the venture, sources told Reuters.

The bulk of this funding comes from Bank of China, ICBC and China Construction Bank, each contributing around $1 billion, and Agricultural Bank of China adding roughly $750 million. This debt financing accounts for more than one-third of the total capital sought for what is expected to be the largest shale gas development outside the United States.

Aramco’s deal involves an $11 billion lease-and-leaseback agreement signed in August with a consortium led by Global Infrastructure Partners, an arm of BlackRock. Under the arrangement, a new entity called Jafurah Midstream Gas Company will lease processing assets to Aramco for 20 years. Aramco retains a 51 per cent stake, while the consortium holds the remaining 49 per cent.

Despite the opportunity to join the equity syndicate, several Chinese state-linked funds declined to participate, a move that sources attribute to heightened U. S.–China tensions. Beijing is said to have discouraged fund-level engagement with U. S.-affiliated private capital firms, even when such firms do not have overt U. S. exposure.

The Chinese banks’ decision to provide senior debt but avoid equity signals a calibrated strategic posture: backing the project financially without direct governance alignment with U. S.-linked investors.

Aramco’s broader ambition is to expand its gas production capacity by 60 per cent over 2021 levels by 2030. The Jafurah basin is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate.

The BlackRock-led consortium is also negotiating additional capital of around $10.3 billion with a mix of debt instruments; participants in those talks include JPMorgan and Sumitomo Mitsui Banking Corporation. Those financial structures are intended to support the lease-and-leaseback model without ceding control of core infrastructure assets to external parties.

Within the Gulf, Chinese lenders’ prominent involvement in Jafurah’s financing echoes a broader trend. Analysts note that China is repositioning its role in Gulf energy infrastructure by leveraging its strengths in project debt and export credit rather than co-investment in U. S.-sponsored equity schemes.

Saudi Arabia is concurrently expanding its gas network. It has signed over $25 billion in contracts for the second phase of Jafurah development and further gas-network enhancements, including pipeline extensions of 4,000 km to increase capacity by 3.2 billion standard cubic feet per day. Chinese firms, such as Sinopec, are among the contractors participating in these projects.

For Aramco, the dual approach of securing large-scale debt from Chinese banks while partnering with international investors via the leaseback model helps it mobilise capital without relinquishing decisive control. The arrangement offers investors predictable tariff-based returns.

Chinese banks’ exposure gives them influence over covenant terms, loan pricing and repayment schedules. That leverage, without the burdens or political friction associated with equity, aligns with Beijing’s financial diplomacy toward strategic energy corridors.

The full constellation of debt and equity deals around Jafurah—and the dynamics among Gulf producers, Chinese state capital, and U. S.-linked private investors—will be among the key nodes shaping the next wave of energy infrastructure financing.

Citi has revised its cryptocurrency outlook with a bold projection that Bitcoin will reach $181,000 within the next 12 months, while lowering its year-end 2025 target to $133,000 amid macro headwinds. The bank’s analysts emphasise that sustained inflows from exchange-traded funds and institutional adoption will serve as the key drivers behind this forecast.

In its latest note to clients, Citi outlined a base case assuming roughly $7.5 billion of inflows into Bitcoin through ETFs and corporate digital treasuries. In its bullish scenario, that figure could accelerate, boosting the upper bound estimate to $156,000 by year-end 2025. On the other hand, if recessionary pressures intensify, the bear case puts Bitcoin as low as $83,000.

Citi trimmed its near-term outlook slightly, revising the 2025 year-end Bitcoin target downward from $135,000 to $133,000. The bank cited factors such as a stronger U. S. dollar and softer gold prices as constraining forces even as demand remains intact. Ethereum’s forecast was upgraded: the bank now expects it to close 2025 at $4,500 and rise to $5,440 over 12 months. The increased optimism for Ethereum stems from its yield-producing features, staking potential and growing institutional interest.

These adjustments came amidst a backdrop of accelerating ETF inflows across asset classes. U. S.-listed ETFs have now amassed roughly $917 billion this year alone, following on from a record $1.1 trillion in the prior year. Bitcoin‐linked ETFs such as BlackRock’s IBIT have contributed meaningfully to that tally, while ETFs offering derivative strategies or income-oriented profiles have also drawn substantial capital.

Market commentators point out that ETFs offer a more accessible, regulated path for institutional investors and financial advisors to gain crypto exposure. That ease of entry, combined with the liquidity and scale of Bitcoin as the “digital gold” play, underpins Citi’s conviction that Bitcoin remains poised to absorb a disproportionate share of new capital entering the crypto sector.

Still, Citi emphasises that its bullish scenario depends heavily on flow continuity. Should macro conditions deteriorate—whether through tighter monetary policy, weaker risk appetite, or geopolitical stress—those inflows could slow or reverse. In such a scenario, Citi’s downside targets become relevant.

Other analysts echo a cautiously bullish tone. Some foresee Bitcoin reaching $160,000 to $200,000 by year-end, citing seasonal patterns and regulatory tailwinds, especially developments in U. S. crypto policy. Others warn that high valuations and volatility could invite sharper pullbacks if sentiment weakens.

The tension between macro headwinds and structural drivers is particularly evident in Ethereum’s case. Unlike Bitcoin, Ethereum supports staking and decentralized finance activity, making it more sensitive to adoption metrics and usage growth. Citi believes that those features make Ethereum increasingly appealing to yield-seeking institutions, especially as its ecosystem matures.

Crypto markets have responded positively to the outlook. Bitcoin has recently moved past $120,000 levels, reaching two-month highs, while Ethereum’s price has also climbed steadily. Some of this momentum, analysts say, appears driven by ETF allocations and strong demand from institutional flows.

Visitors in Saudi Arabia will be able to open local bank accounts using their “Visitor ID,” following a decision by the Saudi Central Bank to accept the identification document issued by the Ministry of Interior. This marks a major regulatory shift in how non-residents can access financial services in the Kingdom.

SAMA’s directive mandates that banks recognise the Visitor ID—traditionally used for immigration and internal tracking—as a valid identity document for account onboarding, provided it is digitally verifiable through government-authorised platforms. According to SAMA, this adjustment will enable banks to reach new customer segments without altering their existing account-opening rules.

This change aligns with Saudi Arabia’s push under Vision 2030 to expand financial inclusion and improve the visitor experience. By lowering barriers to formal banking, the Kingdom aims to reduce dependence on cash, support digital payments, and draw more tourists, business travellers and pilgrims into regulated financial channels.

Banks will be required to adjust verification systems and compliance protocols to integrate the new policy. Many are expected to link the Visitor ID to local digital check platforms and mobile wallets, allowing holders to conduct everyday transactions. Some limitations may apply: banks may restrict access to credit, loans or other advanced banking services until further identification or residency status is established.

Under existing SAMA account rules, banks already require robust customer identification steps for all new accounts. These include verifying identity documents, screening for anti-money laundering, and collecting customer contact and address details. The updated regulation does not eliminate those checks but changes the baseline identity document accepted for visitors.

Observers see this as one of several steps in a broader regional movement. While Gulf states have long required residence permits or more rigid documentation to open standard accounts, the Saudi reform may test whether similar access models are feasible elsewhere. Already, financial technology and tourism stakeholders are evaluating the competitive edge this gives Saudi Arabia.

Critics caution that implementation risks must be managed carefully. Allowing visitor-based accounts introduces potential anti-money laundering and fraud vulnerabilities. Banks will need to balance user convenience with real-time monitoring, transaction limits, and strong identity verification safeguards.

From the visitor standpoint, the reform reduces friction in accessing local banking: new arrivals will no longer have to rely solely on foreign banks, prepaid cards or cash. Pilgrims and business travellers handling local payments, donations, or services should benefit directly.

SAMA emphasised that the change came through its periodic policy review, intended to keep regulations in line with evolving financial technology trends and market needs. The central bank said it expects the reform to reinforce the Kingdom’s cashless payments infrastructure and strengthen the banking ecosystem’s responsiveness to global customer expectations.

The policy rollout may occur in phases, as banks update internal systems, train staff, and obtain approvals from compliance units. Over the coming weeks, banks are likely to issue guidelines explaining account features, permissible transaction types, and validity periods tied to the Visitor ID status.