What Is the First Digital Bank in the Kingdom?

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.