Riyadh: Saudi cabinet approves third digital bank The cabinet also approved the launch of a digital bank in Saudi Arabia called ‘D360 Bank’. The Saudi central bank said the cabinet had approved a third digital bank.
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D360 Bank has a capital of 1.65 billion riyals ($ 440 million). Digital Bank was started in collaboration with a number of individuals and institutions. Other digital banks in Saudi Arabia include STC Bank and Saudi Digital Bank.
The central bank said the digital banks were being created as part of a series of major economic reforms in the country in line with Saudi Vision 2030. There are 35 banks operating in the country, including 11 local banks, three local digital banks and 21 branches of foreign banks.
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