Reviewing Licensing Applications for Launching 2 Locally-based Digital Banks Completed –Saudi Central Bank Says

The Saudi Central Bank announced the completion of the procedures related to studying granting two license applications to establish local digital banks to conduct banking business in the Kingdom, after completing the statutory requirements, guidelines and basic criteria for requesting a license to practice banking in the Kingdom, in addition to the guidelines and criteria for requesting a license for digital banks.

Based on the powers granted under the S. After the approval is issued, the Central Bank will complete the supervision of the establishment and operating arrangements before the two banks conduct their business in the Kingdom.

This step comes in line with the central bank’s role in keeping pace with the latest developments in the financial sector, and seeking to achieve the goals of the Kingdom’s Vision 2030 by developing the digital economy and enabling financial companies to support the growth of the private sector, and opening the way for new companies to provide financial services. In the past period for 16 Saudi financial technology companies to provide payment services, consumer microfinance, and electronic insurance brokerage, the Central Bank also authorized 32 financial technology companies to work under the umbrella of the legislative experimental environment dedicated to experimenting with innovative financial services and products in the Kingdom.

This comes as a continuation of the efforts made by the Central Bank to encourage local banks to provide the best services and products through digital banking channels in line with international best practices in this field. And the banking sector in the Kingdom, and the opportunities available for expansion of this sector to continue being a major tributary of growth and economic development in the Kingdom.

In this regard, the Central Bank affirmed that it continues to receive new applications for licensing to practice banking business in the Kingdom, in order to achieve an added value for the banking sector and contribute to the support and growth of the Saudi economy, serving citizens and companies.

The bank called on those wishing to submit licensing applications to review the additional guidelines and criteria for requesting a license for digital banks, which come as a supplement to the basic guidelines and criteria for requesting a license to practice banking in the Kingdom and published on the Central Bank website.