At its meeting yesterday, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, the Council of Ministers approved Finance Minister Mohammed Al-Jadaan’s issuance of the necessary license to Bank (D360)—currently in the process of incorporation—in accordance with Article 3 of the Banking Supervision Law.

According to a statement from SAMA, D360 Bank (D360 Bank) is a local digital bank formed through a consortium of institutional and individual investors, with the participation of the Public Investment Fund and led by Daraya Financial Company, with a capital of 1.65 billion riyals.

The Saudi Central Bank stated that it continues to work to ensure the Saudi financial sector remains at the forefront of keeping pace with developments and new trends, in line with the objectives of the Financial Sector Development Program, which seeks to develop the digital economy, enable financial institutions to support private sector growth, and open the door for new companies to provide financial services. Recently, two local digital banks were licensed to conduct banking operations in the Kingdom.

He explained that this is the third license granted to a local digital bank, bringing the total number of licensed banks to 35, including 11 local banks, (3) local digital banks, and (21) branches of foreign banks, reflecting the strength, resilience, and attractiveness of the banking sector in particular and the Saudi economy in general.