D360 Bank Officially Launches as Saudi Arabia’s Newest Digital Banking Platform
2 min
Official Launch: D360 Bank has commenced its banking operations in Saudi Arabia, following the Saudi Central Bank's (SAMA) approval.
Capital Investment: The bank is established with a capital of SAR 1,65 billion (approximately $440 million), funded by a consortium of individual and corporate investors, including the Public Investment Fund (PIF).
Leadership: Derayah Financial Company leads the establishment and management of D360 Bank.
Strategic Alignment: This development aligns with Saudi Arabia's Vision 2030, aiming to enhance the digital economy and promote financial inclusion.
Banking Landscape: With D360 Bank's addition, Saudi Arabia now has 35 licensed banks, including 11 local banks, 3 local digital banks, and 21 foreign bank branches.
The Saudi Central Bank (SAMA) has officially announced the launch of D360 Bank, marking a significant milestone in the Kingdom's financial sector. With a capital investment of SAR 1.65 billion (around $440 million), D360 Bank is poised to offer advanced digital banking services to individuals and businesses across Saudi Arabia.
The establishment of D360 Bank is led by Derayah Financial Company, a prominent financial services firm in the Kingdom. The bank's capital is sourced from a consortium of individual and corporate investors, notably including the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund.
This initiative is in line with the objectives of the Financial Sector Development Program, a key component of Saudi Arabia's Vision 2030. The program seeks to develop the digital economy, enable financial institutions to support private sector growth, and provide opportunities for new companies and startups to offer financial services.
With the addition of D360 Bank, the total number of licensed banks in Saudi Arabia rises to 35. This includes 11 local banks, 3 local digital banks, and 21 foreign bank branches, reflecting the strength, stability, and attractiveness of the Saudi banking sector.
SAMA has been proactive in keeping pace with the latest developments in the financial industry. The central bank has issued licenses to various financial institutions, including 19 Saudi financial technology companies providing payment services, consumer microfinance, and electronic insurance brokerage. SAMA continues to welcome license applications to engage in banking business within the Kingdom, aiming to service individuals and companies and support the economy.
The launch of D360 Bank underscores Saudi Arabia's commitment to embracing digital transformation within its financial sector, fostering innovation, and enhancing financial inclusion across the nation.
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