Riyadh: In the field of digital banking in Saudi Arabia, businessman and Lulu Group Chairman M.A. Yusufali shareholding. Yusafali was given 10 percent shares in the newly formed Vision Bank. Yousafali is the only non-Saudi national to hold the stake.
In addition to Yousafali, prominent Saudi businessmen and institutions have stakes in Vision Bank, which is chaired by prominent Saudi businessman Sheikh Sulaiman Abdul Rahman Al Rashid. This is the first time that a non-local person has a stake in the Saudi banking sector.
The bank’s capital is 600 crore Riyals (Rs 12,000 crore). Vision Bank will be fully operational by the end of this year. Aiming to become the world’s leading financial center, Saudi Arabia is strengthening its presence in the digital banking sector. Three digital banks, including Vision Bank and STC, have been licensed by the Saudi government.
Digital banks will work according to the policies of Vision 2030, the biggest reform plan launched by Saudi Crown Prince Mohammed bin Salman.