Riyadh – Sharikat Mubasher: The Saudi Central Bank (SAMA) granted the Digital Bank “D360”, a licensed digital bank, no objection to launching its banking operations in the Kingdom.

This development comes in accordance with SAMA’s strategy to bolster the financial sector and promote trust therein, foster economic growth, and promote competition within the banking sector, according to an official statement.

D360’s launch reflects the dynamism and high growth potential of the Kingdom’s economy, underscoring SAMA’s efforts to build a robust regulatory system that encourages innovation.

Furthermore, SAMA is committed to ensuring that the banking sector contributes to achieving Saudi Vision 2030 and its national aspirations.

In February 2022, the Saudi Cabinet gave the go-ahead for the Minister of Finance, Mohammed Al-Jadaan, to license D360 Bank. Investors in D360, a local digital bank, include the Public Investment Fund (PIF) and, Derayah Financial Co. complemented by several financial and investment connoisseurs within the Kingdom.

Worth mentioning, “D360” is one of the three licensed digital banks in Saudi Arabia.