The Saudi Central Bank (SAMA) has granted approval for D360 Bank, a licensed digital bank, to officially begin its banking operations in the Kingdom of Saudi Arabia.
This milestone marks a significant step in the Kingdom’s efforts to modernize and diversify its financial sector, in line with its Vision 2030 goals.
This development aligns with SAMA’s strategy to support the stability of the financial sector and promote trust, stimulate economic growth, and encourage competition in the banking sector.
D360 Bank is poised to offer innovative, tech-driven banking solutions, enhancing digital financial services across the country. With this license, the bank aims to provide a wide range of services, including digital payments, savings, and financing options, catering to the evolving needs of consumers and businesses in Saudi Arabia’s rapidly growing digital economy.
The launch of D360 Bank, one of three licensed digital banks in Saudi Arabia, reflects the dynamic nature and high growth potential of the Kingdom’s economy, underscoring SAMA’s efforts to establish a robust regulatory system that fosters innovation.
“SAMA is committed to ensuring the banking sector’s contribution toward achieving Saudi Vision 2030 and the national aspirations. D360 Bank is committed to the principles of Islamic Shariah and ensuring compliance in all its banking transactions. To achieve this, an independent Shariah committee has been established to oversee all the bank’s operations, products, and services,” as per the reports.
