Saudi to grant operating licenses to more digital banks

Saudi Central Bank (SAMA) said that the Kingdom will grant operating licenses to more digital banks. This year, the Kingdom had issued licenses for its first digital banks – STC Bank and the Saudi Digital Bank.

In June this year, the Council of Ministers approved the license for two local digital banks, first to convert STC Pay to STC Bank with a capital of SR 2.5 billion and second the Saudi Digital Bank with a capital of SR 1.5 billion.

Digital banks are subject to supervision and controls applied currently to commercial banks operating in the Kingdom, with an increased focus on aspects of technology, cybersecurity, combating money laundering and tracking down terrorist funding.

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