Riyadh: The Saudi Central Bank has announced that the cabinet has approved a third digital bank in Saudi Arabia called ‘D360 Bank’. With a capital of 1.65 billion riyals ($ 440 million), D360 Bank is a joint venture between a number of individuals and institutions. The other two digital banks currently operating in the country are 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. The new D Bank is headed by Diraya Financial, a partnership with the Sovereign Public Investment Fund. With this, there are 35 banks operating in the country, including 11 regional banks, three local digital banks and 21 branches of foreign banks.