The Saudi cabinet has approved the licensing of a third digital bank, called D360 Bank, with a capital of 1.65 billion riyals ($440 million), the central bank said on Tuesday.
The Kingdom’s sovereign Public Investment Fund is part of the consortium of companies and investors launching the new lender, it said in a statement.
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The two other digital banks, STC Bank and Saudi Digital Bank, were licensed last year.
The creation of digital banks in the Kingdom is part of a financial development program contained in a massive reform program known as Saudi Vision 2030.
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