STC Bank is considered the first digital bank in the Kingdom of Saudi Arabia, established by converting the Saudi Digital Payments Company (STC pay) into a local digital bank to conduct banking operations in the Kingdom with a capital of SAR2.5 billion. In June 2021, the Saudi Council of Ministers issued a decision approving the bank's license. A second digital bank, the Saudi Digital Bank, was also licensed. This bank was established through a consortium of companies and investors led by Abdulrahman Bin Saad al-Rashed and Sons Company, with a capital of SAR1.5 billion.
In February 2022, the Council of Ministers approved the license for a third digital bank named D360 Bank. This bank was established through a consortium of investors from institutions and individuals, with the participation of the Public Investment Fund, and led by Derayah Financial Company, with a capital of SAR1.65 billion.
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