Saudi Arabian Authorities Announce Approval of D360 Bank; Third Digital Bank in the Country

The Saudi Central Bank (SAMA) has announced the government’s approval of the licensing of a third digital bank, D360 Bank on the 15th of February 2022, with a capital of SAR 1.65 billion (USD 440 million).

Why it Matters?

The spread of finance technology witnessed in the Middle East has enabled growth for digital banks. Saudi Arabia saw a push towards the adoption of digital banking and electronic payments by businesses and consumers instigated by the pandemic thus reversing the initial relatively slow adoption. Digital banks in the country have been formed in line with the objectives of the Financial Sector Development Programme under Crown Prince Mohammed bin Salman’s economic diversification plan - Saudi Vision 2030. The programme aims to...