2nd Digital Banking Saudi 2030 Summit

The COVID-19 pandemic has led to a global wave of digitisation, directly impacting the banking and payment processing industries. The Saudi Vision 2030 has several programs under its umbrella, including the Financial Sector Development Program (“FSDP”), that aims to increase cashless transactions, stabilise, and diversify the financial sector, while adhering to relevant international standards. In furtherance of this goal, the Saudi Central Bank (“SAMA”) and the Capital Market Authority (“CMA”) have been working on several initiatives that will pave the way for the increasing digitisation of the banking, securities, and payments processing sectors in the Kingdom of Saudi Arabia.

The Saudi cabinet approved a license for D360 bank, the central bank said in a statement. The digital bank is backed by a “consortium of individual and corporate investors” led by Derayah Financial Company, while the kingdom’s Public Investment Fund is “one of its key investors,” according to the statement.