D360 Bank

D360 Bank is a Saudi digital bank that relies on advanced digital technology in its banking transactions. A decision was issued by the Council of Ministers in the Kingdom of Saudi Arabia approving its licensing as a local digital bank under the name D360 Bank on February 15, 2022.

The bank was founded by a group of investors from entities and individuals, in addition to the cooperation of the Public Investment Fund (PIF,) and led by Derayah Financial Company, with a capital estimated at around SAR1.65 billion.

The bank is the third local digital bank, following the decision of the Saudi Council of Ministers on June 23, 2021, to approve the licensing of two local digital banks through the transformation of STC pay into a local digital bank to conduct banking operations in the Kingdom, with a capital of SAR2.5 billion (STC Bank,) and the alliance of several companies and investors to establish a local digital bank to conduct banking operations in the Kingdom, with a capital of SAR1.5 billion (Saudi Digital Bank.)

Digital banks offer a range of services, including contributing to the expansion of digital banks worldwide with ease of communication between them. Additionally, customers tend to favor financial transactions that enhance reliability and facilitate more accurate and faster exchanges. Digital banks also implement all security requirements to combat money laundering, terrorist financing, and operational risks.

The Saudi Central Bank aims to achieve several objectives that contribute to the development, improvement, and increased efficiency of the financial sector in the Kingdom. Some of these objectives include ensuring that the Saudi financial sector is one of the leading sectors keeping pace with developments and updates that align with the targets of the Financial Sector Development Program, promoting the digital economy, supporting private sector growth, and providing opportunities for new companies to provide financial services.