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2 New Digital Bank are Coming Soon in Saudi Arabia

The Central Bank of Saudi Arabia (SAMA) said it has completed the study of license applications for two new digital banks and will recommend them to higher authorities for approval.

SPA reported that once they get the necessary approval, SAMA will complete the supervision of the banks and their company agreements. before starting your business in the UK.

SAMA didn’t name the banks, but Al-Moammar Information Systems Co. said in February that it would become a founding shareholder of a consortium of trading companies to set up a digital bank in line with Saudi Arabia.

MIS would add SR 25 million ($ 6.66 million) to the bank’s capital and its creation would be subject to regulatory approval, the company said in a presentation on Tadawul.

16 Saudi Financial technology companies were licensed last year to offer payment services, consumer microfinance, and electronic insurance intermediation.
32 companies were also authorized by Central Bank under financial Tech to operate under the umbrella of the experimental legal environment for innovative financial products and services in the Kingdom.

Saudi Arabia’s Vision 2030 goals include advancing the digital economy and empowering financial companies to promote private sector growth. It would follow other recent rollouts of digital banking in the Gulf region.

In March, YAP was launched in the United Arab Emirates and offers digital services through RAK Bank’s banking license.
The following month, Zand said that when it was launched, it would become the UAE’s first fully independent digital bank. Also in April, the Zurich Capital Funds Group announced the launch of RIZQ / BARAKA, the world’s first Sharia-compliant digital bank.

Bahrain’s Bank ABC launched the digital ila Bank online in November 2019.

Read more at armarketnews.com

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