Yes, there are digital banks in the Kingdom of Saudi Arabia. In June 2021, the Saudi Council of Ministers issued a resolution to approve the licensing of two local digital banks by converting the Saudi Digital Payments Company (stc Pay) into a local digital bank to conduct banking activities in the Kingdom, with a capital of SAR 2.5 billion (stc Bank). Additionally, an alliance of several companies and investors led by Abdulrahman Bin Saad al-Rashed and Sons Company established a local digital bank (Saudi Digital Bank) to conduct banking activities in the Kingdom, with a capital of SAR 1.5 billion.
In February 2022, the third local digital bank (D360 Bank) was licensed. It is a local digital bank established by an alliance of several investors, with the participation of the Public Investment Fund (PIF), and led by Derayah Financial Company, with a capital estimated at about SAR 1.65 billion.
Related quizzes
