New digital bank called D360 is coming to Saudi Arabia. It has received approval from the regulator, the Saudi Central Bank (SAMA), and has become the third digital bank in the country to be licensed. The first two – STC Bank and an unnamed entity – were granted banking licenses last summer. D360 will be established with a capital of SAR 1.65 billion ($440 million) through a consortium of individual and corporate investors, with the Public Investment Fund as one of the key investors. It will be led by Derayah Financial Company.
SAMA says it welcomes receiving more license applications “to engage in banking business in the Kingdom, to service individuals and companies and to support the economy”. With the latest addition of D360, there are 35 licensed banks in Saudi Arabia at present, including 11 local banks, three local digital banks, and 21 foreign bank branches. There are also 19 licensed fintech companies that provide payment services, consumer microfinance and electronic insurance brokerage.