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Digital Banks in the Kingdom of Saudi Arabia are digital wallets offering all banking services using advanced digital technologies. They were licensed to operate in the Kingdom under a decision from the Council of Ministers on June 22, 2021. Three local digital banks are licensed in the Kingdom. List of digital banks in Saudi Arabia Digital banks based in the Kingdom include: Saudi Digital Payment Company (stc pay) , which was transformed into a local digital bank with a capital estimated at SA...

It is the parallel market to the Saudi Exchange or Saudi Tadawul, commonly referred to as Nomu. It was launched by the main market, the Saudi Exchange, under the supervision and regulation of the Capital Market Authority as an additional source for companies to raise funds and increase capital. It also aims to diversify available investment tools and further develop the Saudi capital market. The trading of securities on 'Nomu' market began in 2017. 'Nomu' market is character...

The list of local banks in the Kingdom of Saudi Arabia includes eleven banks: Saudi National Bank . Alrajhi Bank . Riyad Bank. Saudi Awwal Bank (SAB.) Arab National Bank. Alinma Bank . Banque Saudi Fransi. Saudi Investment Bank . Bank AlJazira. Bank Albilad. Gulf International Bank. ...

The Saudi National Bank (SNB) is a Saudi bank that emerged from the merger of two banks. On April 1, 2021, it was announced that Samba Financial Group (Samba) was merged into the National Commercial Bank, with all of Samba's assets and liabilities transferred into the National Commercial Bank through a share swap, and the official launch of the new bank headquartered in the capital, Riyadh . The Saudi National Bank started trading as a unified entity listed in the Saudi Stock Exchange ...

Al-Rajhi Bank is a Saudi bank established on January 23, 1978. It practices banking and investment business following the provisions of the Islamic Sharia for its account or the account of others, for individuals and companies, inside and outside the Kingdom of Saudi Arabia, and its main headquarters is located in the capital, Riyadh . The bank was listed on the ' Saudi Tadawul ' on December 1, 1988, and its shares are traded on the main Saudi market 'Saudi Tadawul' within t...

Income Tax on Foreign Establishments in the Kingdom of Saudi Arabia is a mandatory tax imposed by the Zakat, Tax, and Customs Authority in the Kingdom. Income tax is applied to every natural or legal person who carries out an activity in the Kingdom, non-residents who earn income from a source within the Kingdom, resident capital companies on the shares of non-Saudi partners, and individuals engaged in the production of oil and hydrocarbon materials. Income tax rate to the tax base The tax is c...

The Saudi Exchange originated informally in the 1950s and continued to operate in this manner until the 1980s, when the government introduced fundamental regulations. With the issuance of the 'Capital Market Law' under Royal Decree No. (M/30) on July 31, 2003, the Capital Market Authority (CMA) was established. It is a governmental authority with financial and administrative independence, directly reporting to the Prime Minister. The Capital Market Law stipulates the establishment of ...

Banque Saudi Fransi is a Saudi bank listed as a public joint stock company in the Saudi stock market 'Saudi Tadawul.' It is one of the oldest Saudi banks, operating since 1977 from its headquarters in the capital, Riyadh. The bank's capital is SAR12.05 billion. All its banking transactions are supervised and controlled by the Saudi Central Bank's Banking Supervision Department. 1 2 3 The shares of Banque Saudi Fransi are traded on the main market of Saudi Tadawul within the ...

Fintech Saudi is an initiative launched by the Saudi Central Bank in partnership with the Capital Market Authority in April 2018, as an incentive step to develop the fintech sector in the Kingdom of Saudi Arabia and enhance its role in national socioeconomic development. Fintech, the word, is a shortened combination of “financial technology.” It refers to the use of new and evolving technologies in financial services. Objectives of Fintech Saudi Fintech Saudi works to serve the financial se...

The Communication and Financial Knowledge Center ( CFKC) is a knowledge platform and one of the initiatives of the Ministry of Finance in the Kingdom of Saudi Arabia . The Ministry launched the platform under its current name in 2020. It is concerned with financial education and knowledge exchange to raise financial awareness and promote communication partnerships with stakeholders in the financial and economic system. Furthermore, it supports the efforts of the Ministry of Finance to improve t...

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 ...

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 ...