Digital Banks: The New Player In Saudi Banking Sector

saudi digital banking banks sector
Saudi Arabia

Digital Banks: The New Player In Saudi Banking Sector

Saudi Arabia's Cabinet approved licensing for two digital banks in the Kingdom in June, with a total capital of SR4 billion ($1.06 billion).

Minister of Finance Mohammed Al-Jadaan, chairman of the Financial Sector Development Program (FSDP), said that "the Cabinet's approval reflects the leadership's keenness to keep pace with the rapid development in the fintech sector and to empower the Kingdom to be among the largest financial hubs in the world."

For his part, Dr. Fahad Al-Mubarak, governor of the Saudi Central Bank (SAMA), pointed out that digital banks provide services and products exclusively through electronic channels by adopting an innovative and sustainable banking business model to enhance financial inclusion and keep pace with cutting-edge technological developments in the financial sector.

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